EDSR MEMORANDUM 12-13-1994 - Laserfiche WebLink

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primary lender, regardless of whether the primary mortgage is entered into and/or filed of record before or after the . EDA mortgage. Since no reference to a subordination agreement was made during action on these two loans on September 13th, it is therefore appropriate to act upon them at the December 13th meeting. It appears as though a subordination agreement will be a customary document for subsequent EDA loans . Therefore, in future motions approving loan requests, specific reference will be made to agreements such as these. ACTION REQUESTED In separate motions, the EDA is asked to authorize a mortgage subordination agreement with the Beaudry loan request and the Schulz loan request. 7 Business Park Task Force Update Following City Council action on October 11th, wherein TIF funds were allocated towards the future purchase of land, additional progress has been made in other areas . For example, the Elk River Planning Commission reviewed the initial draft of the proposed business park zoning ordinance at its workshop on November 16th. This review has led to a few minor changes which the Task Force reviewed. These revisions dealt with a reduction in the minimum, lot size, a new landscaping section, a new sign section, and the handling and storage of hazardous substances (as a conditional use) . Task Force members felt that a conditional use for the handling and storage of hazardous materials is cumbersome; therefore, the Task Force is suggesting that this language be included with the "standards" section. In late December, the Planning Commission will review the proposed business park ordinance and make a recommendation to the City Council . In early January, the City Council will be asked to consider the new zoning ordinance and to initiate rezoning and the related land use plan amendment affecting the various properties along US Highway 10 in the western part of the community. Another area where progress has been made is that of identifying potential grant sources to defray infrastructure costs associated with a business park/industrial park development. On November 23rd, a box lunch meeting was held with three utility companies - UPA, Anoka Electric Cooperative, and Elk River Municipal Utilities. During the first quarter of 1994 , it is likely that a new Rural Electrification Administration (R.E.A. ) program will be coming on line which will enable R.E.A. borrowers (that is, UPA, AEC, etc . ) to access grants in • conjunction with low-interest loans to support community development projects like a business park or an industrial park. Representatives of AEC did not attend this meeting,