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2. Recommend to the Elk River City Council that it allocate <br /> • $430,000 from the RDF TIF funds toward a public/private <br /> partnership to underwrite the infrastructure costs associated <br /> with the business park. <br /> 3. Recommend to the City Council that it allocate up to $300,000 <br /> (or 65% of the RDF TIF funds) to Country Ridge Partnership to <br /> underwrite the assessments attributable to industrial sites. <br /> It is understood that these funds would be repaid as lots are <br /> sold, and, that a nominal interest rate would be charged. To <br /> secure repayment, a developer's agreement, promissory note, <br /> and mortgage would be filed against the property. The same <br /> strategy would follow as the Gagne Development Company land <br /> started to develop, too. <br /> • <br /> eda:meetings/pppart <br /> • <br />