EDSR MEMORANDUM 05-27-1997 - Laserfiche WebLink

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ak ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM TO: Economic Development Authority 21- EROM: Paul T. Steinman, Director of Economic Development DATE: May 22, 1997 SUBJECT: Agenda Memo for EDA Special Meeting Tuesday, May 27, 1997 The EDA special meeting is scheduled for 5:45 p.m., Tuesday, May 271 1997. The purpose of the EDA special meeting is to take action on the EDA's purchase of the remaining lot in the Elk River Industrial Park. Attached to • this memo is a copy of the purchase agreement which has been negotiated between staff and the seller's representative. The details of this agreement are as follows: • Purchase price $65,000 • EDA to pay closing costs 700 • EDA share of pro rated taxes 150 • EDA due diligence environmental/soils testing 350 TOTAL $66,200 Staff has requested that the seller provide a Certificate of Survey at the closing, however, this request has been denied by the seller. The Omnibus tax bill which has been passed by committee and proposed to the Governor at the time of writing this memo does not include any provisions which would affect the expenditure of excess tax increment dollars from the Alltool TIF district for this acquisition. The single requirement which has yet to be met, which would affect this source of funds, is a modification of the budget to include the purchase of this lot as an identified expenditure. Such budget modification would be undertaken by the City Council since the Council was the governing body at the time of creation of the Alltool TIF district in 1988. Staff would recommend proceeding with this • budget modification as soon as eligible activities have been identified for the 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment