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It is proposed that this area be rezoned to B-P, Business Park. The <br /> • County does not object to this proposal. The matter of rezoning this <br /> property and amending the City's land use plan will be considered by <br /> the Planning Commission at its meeting in late March, and by the City <br /> Council at a meeting in mid-April. <br /> As with other recent rezoning and land use matters involving the <br /> business park designation, it may be appropriate for the EDA to <br /> forward a recommendation to the Planning Commission and the City <br /> Council. <br /> Action Requested <br /> The EDA is asked to recommend to the Elk River Planning <br /> Commission and the Elk River City Council that the County <br /> Fairground property be rezoned from R3 to B-P, and, that the <br /> Comprehensive Land Use Plan be amended to reflect an LI, Light <br /> Industrial designation. <br /> 7. Loan Request from T.J. Properties <br /> Commissioners should refer to a copy of a memo that was sent to the <br /> • EDA Finance Committee on this matter. The Finance Committee met <br /> on March 8, 1995, to review this request. Committee members Jim <br /> Simpson, Bud Houlton, Tom McNair, and Lloyd Brutlag were present <br /> for this meeting. Following a presentation by Tim and Jerry Smith of <br /> T.J. Properties, the Finance Committee voted 4-0 to recommend that <br /> the EDA approve this loan subject to: <br /> • the completion of an appraisal to ensure that the loan-to- <br /> value ratio does not exceed 90 percent; and, <br /> • Jerry Smith agreeing to apply proceeds from the sale of his <br /> property at 907 Main Street to pay down or pay off the EDA <br /> loan on the Freeport Avenue/Main Street office project. <br /> Action Requested <br /> The EDA is asked to approve a $48,000 loan to T.J. Properties subject <br /> to the conditions listed above. <br /> • <br />