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• This proposal results in McLean Midwest obtaining a site in Elk <br /> River of approximately 20 acres with all utilities and streets <br /> in and paid for, free of charge. The timeline to complete this <br /> process was previously submitted to you and a copy is attached <br /> to the proposal . <br /> The Elk River proposal is further expanded to the include the <br /> economic development rate offered by Elk River Municipal <br /> Utilities pursuant to its letter of July 30, 1993 . Subject to <br /> the specific details found in its proposal, the Municipal <br /> Utilities has offered a five year, phased program to provide <br /> McLean Midwest with a very competitive electrical rate. <br /> This proposal to McLean Midwest is subject to the following: <br /> - The filing of an application for Tax Increment Financing <br /> assistance. <br /> - The satisfactory analysis of McLean Midwest' s financial <br /> background and related projections . <br /> - The statutory limitations of the Tax Increment Financing <br /> Act. <br /> - The creation of a new economic development district <br /> • pursuant to Minnesota Statutes. <br /> On behalf of the Elk River City Council, I wish to thank you <br /> for the opportunity to submit this proposal to McLean Midwest. <br /> Please feel free to contact Pat Klaers, City Administrator, or <br /> Bill Rubin, Economic Development Coordinator if you have any <br /> questions or comments on the proposal. <br /> Very truly yours, <br /> Henry A. Duitsman <br /> Mayor <br /> - HAD:akh <br />