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<br />e <br /> <br />Elk River City Council Minutes Page 3 <br />September 25, 1995 <br />Regarding a King and Main TIF project, a debt of $275,000 can be retired in <br />seven years with reimbursements credited to the developer under a pay-as-you- <br />go TlF District: project debt of $275,000 divided by annual tax increment of <br />$40,294 equals 6.8 years. <br /> <br />Mayor Duitsman indicated that the Council would like to see this project <br />located downtown Elk River. <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO SUPPORT THE PROPOSAL, AS PRESENTED <br />ALONG WITH A CITY COMMlTTMENT TO COMPLETE A DOWNTOWN FOCUS STUDY. <br />COUNCILMEMBER FARBER SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />3.6 Consider Chanqe Order for Elk Hills Drive/Dodqe Avenue Improvement Proiect <br /> <br />City Engineer, Terry Mauer indicated that a request has been made by REMAX <br />and Goodyear for a change order to the Elk Hills Drive/Dodge Avenue <br />Improvement project. The City Engineer indicated that Gary Santwire, <br />representing REMAX and Goodyear, has indicated that the property owners are <br />willing to sign a petition and waive their rights to appeal an assessment for the <br />Dodge Avenue Improvement. The City Engineer indicated that the requested <br />Dodge Avenue Improvement will be an estimated $40,000 change order (300 <br />feet additional road). <br /> <br />e <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO APPROVE THE CHANGE ORDER TO THE <br />ELK HILLS DRIVE/DODGE AVENUE IMPROVEMENT PROJECT CONTINGENT UPON THE <br />PROPERTY OWNERS SIGNING THE PETITION AND WAIVER Of THEIR RIGHTS TO <br />APPEAL THE ASSESSMENT. COUNCILMEMBER FARBER SECONDED THE MOTION. THE <br />MOTION CARRIED 5-0. <br /> <br />4. <br /> <br />Worksession to Review Status of Capital Improvements and Miscellaneous City <br />Proiects <br /> <br />East Hiahway 10 Presentation on Assessment Benefit Analysis by Mike Amo of St. <br />Cloud Appraisal, Inc. <br /> <br />Mike Amo, St. Cloud Appraisal, Inc. reviewed an Assessment Benefit Analysis with <br />the Council. The report outlined the benefits of trunk sewer and water <br />installation within District 1, and Phase$ 1 and 2 of District 2 of the Urban Service <br />Area Study Map. <br /> <br />The Benefit conclusions are as follows: <br />· Industrial Land, Benefit Due to Presence of <br />City Water and Sewer <br />· Residential Land, Benefit Due to Nearby <br />Proximity to City Water and Sewer <br />· Residential Development Land, Benefit Due <br />to Immediate Proximity to Water and Sewer <br />· Highway Commercial Land, Benefit Due to <br />Presence of City Water and Sewer <br /> <br />$ 3,920/ Acre <br /> <br />$ 4,700/ Acre <br /> <br />$ 5,707/Acre <br /> <br />$10,9oo/Acre <br /> <br />e <br /> <br />The Mayor requested that the Council have one more worksession on this <br />project before a public hearing is held. <br />