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Elk River City Council Meeting Page 2 October 11, 1993 Cpnmerce to see if they would be interested in having a community • ,billboard sign at their new location. 3,, Business Park Task Force Presentation Pat Dwyer, Chair of the EDA Business Park Task Force, updated the Council on the Task Force composition and reviewed the progress and current status of the Task Force. Pat Dwyer also reviewed the current status of the existing industrial lots available in Elk River and noted that the City is quickly running out of industrial lots. He stated there is a need to develop industrial property. He further noted that the concept of the Task Force is to have two : different types of industrial parks available. The Task Force -i0 recommending that a light industrial park be located in the eastern area of the City along Highway 10 and that a business park be created along Highway 10 in the western area of the City. Pat Dwyer reviewed possible funding sources for the City or the EDA to acquire the land for the parks. He stated that the Task Force is recommending to amend TIF Plans No. 1 and No. 3 to enable funds from TIF Districts No. 1 and No. 3 to be used in the acquisitionof land for additional industrial and business parks. He noted that th'e is an estimated $430,000 to $435,000 in funds available from Districts No. 1 and No. 3. Pat Dwyer also discussed infrastructure improvements necessary for the parks. He stated that the options available to pay for the construction of roads and the installation of utilities include the sale of bonds via Minnesota Statutes, Chapter 429, or an application to the U.S. Economic Development Administration (USEDA) . Pat Dwyer stated that the Business Park Task Force is also requesting that a recommendation be made to the Planning Commission to study the creation of a new business park zone in the western area of the City. Mayor Duitsman stated it is important to get industrial development in Elk River and the only way to get ahead is to dedicate the TIF funds from Districts No. 1 and No. 3 for land acquisition. Mayor Duitsman further stated that if money is needed for Main Street redevelopment, the HRA could dedicate some of its funds to that purpose. Councilmember Dietz indicated he agreed with Mayor Duitsman in that it is important to acquire land for industrial development and that the funds from Districts No. 1 and No. 3 be used. Economic Development Coordinator Bill Rubin indicated that the money from Districts No. 1 and No. 3 would be used as seed money and would be recaptured from land sales. These funds would be" used in subsequent phases of the business park. Councilmember Holmgren questioned whether it was necessary to use all of the money from Districts No. 1 and No. 3. He indicated he would • rather not commit all of the funds at one time, but would like to see a project prior to committing the funds.