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Economic Development Authority Meeting Page 2 <br /> April 15, 1998 <br /> • of trucks that will be accessing the building on an average day. Larry Morrell <br /> indicated that the number would be approximately 80% less than the present <br /> situation. Commissioner Thompson indicated that he would like to see the <br /> Morrells stay in Elk River and also to clean up the existing site. Commissioner <br /> Dwyer indicated it was important that the current site be cleaned up prior to the <br /> building and property being sold. He indicated that four years should give the <br /> Morrells enough time to sell the property. <br /> Commissioner Bender indicated that $300,000 up front is a good incentive for <br /> the Morrells but feels the present property should be cleaned up and sold as <br /> soon as possible. <br /> Commissioner Holmgren suggested that the existing building be demolished by <br /> 2002 leaving an option to negotiate an extension if the building is not sold due <br /> to economic reasons and provided that the Morrells have not violated any <br /> other stipulations of the developers agreement. <br /> The EDA recessed at 5:55 to allow the Morrells to privately discuss the matter. <br /> The EDA reconvened at 6:05 p.m. <br /> The Morrells indicated that they feel they need time to decide whether four <br /> years is an acceptable condition. <br /> COUNCILMEMBER HOLMGREN MOVED THAT THE MORRELLS BE GIVEN $300,000 TAX <br /> INCREMENT UP FRONT PROVIDING THIS NUMBER DOES NOT EXCEED 15% OF THE <br /> • MARKET VALUE OF THE NEW PROJECT; AND THAT THE EXISTING MORRELL SITE <br /> LOCATED AT SCHOOL STREET AND JACKSON AVENUE BE RAZED BY JUNE 2002 WITH <br /> A REVIEW OF THE SITUATION TO BE HELD IN JUNE 2001 ALLOWING THE OPTION TO <br /> REQUEST AN EXTENSION OF THE JUNE 2002 DATE. COMMISSIONER GONGOLL <br /> SECONDED THE MOTION. THE MOTION CARRIED 5-1-1. COMMISSIONER DWYER <br /> ABSTAINED. COMMISSIONER BENDER OPPOSED. <br /> Commissioner Bender indicated he opposed the motion because he felt the city <br /> was generous in offering $300,000 up front and felt the June 2000 drop dead <br /> date for razing the building should be adhered to. <br /> 3. Adjournment <br /> There being no further business, COMMISSIONER HOLMGREN MOVED TO <br /> ADJOURN THE EDA MEETING. COMMISSIONER GONGOLL SECONDED THE MOTION. <br /> THE MOTION CARRIED 7-0. <br /> The meeting of the Elk River Economic Development Authority adjourned at <br /> 6:15 p.m.. <br /> Respectfully submitted, <br /> ,41-4t4_ `. 4--e-k--e40..e. ..ctif_4 <br /> Sandra Thackeray - <br /> City Clerk <br /> • <br />