5.0.-11.0. EDSR 10-10-1994 - Laserfiche WebLink

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and Best Marketing Plan. The City of Two Harbors received two • awards from DTED, but only Elk River received awards in three categories. These awards speak highly of the priority placed on economic development by the City and its EDA. As such, the EDA meeting on October 10 represents an opportunity to formally present these awards to the Commissioners. 7. Discuss EDA Enabling Resolution This item is outlined in greater detail in a separate memo in the agenda packet. 8. Transfer of Title. With the EDA Main Street site nearing its transformation into an interim park, it may be appropriate for the EDA to consider transferring the property's title to the City of Elk River. This is suggested in light of a provision in Minnesota Statutes which grants a tax exemption to an EDA's property for later resale for economic development purposes. This exemption cannot exceed a period of eight • years. Although it is the desire of the City and EDA to eventually redevelop this site, a transfer of title to the City may avoid a confrontation with the County as to whether or not it is appropriate for the EDA to own property that, by its very nature, appears to be a "park". Should the EDA be successful in identifying a user for this site in the future, title can easily be reconveyed from the City to the EDA to support the site's redevelopment. ACTION REQUESTED The EDA is asked to file a Quit Claim Deed conveying title of its Main Street redevelopment site to the City of Elk River. This transfer of title is subject to the City eventually reconveying it back to the EDA should it identify an appropriate user for the site. 9. Review and Permitting Process The writer of this memo regrets to inform the EDA that Linda Browning, Customized Training Consultant, Anoka-Hennepin Technical College, will not be facilitating this assignment as