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C~ty Council Minutes i\ul'y 30, 1984 P age Two on the project, including the use of MSA .funds and assessments ci ty-Wide, which in the discussion were determined to be not feasible. There being no further comments, Mayor Hinkle declared the pub lic closed. COUNCILMEMBER DUITSMAN MOVED TO ADOPT RESOLUTION 84-20, ACCEPTING THE STATE OF MINNESOTA l)EPARTMENTOF TRANSPORTATION PLANS~ AND SPECIFICATIONS AND COST ESTIMATES AS THE FEASIBILITY STUDy FOR THE HIGHWAY 4flO/MAIN STREET PROJECT AND ORDERING THE COMPLETION OF THE PROJECT. COUNCILMEMBER ENGSTORM SECONDED THE MOTION. THE MOTION PASSED 4-0. 5. Acquisition of Industrial Park The City Administrator reviewed w~th the Councilm~mbers a memo received from the Elk River Associated Investors regarding the Cityis involvement in development in the Industrial Park. The Associated Investor's memo indicated that they would be willing to enter into an agreement with the City of Elk River that provided for City ownership of the Industrial Park in return for the City's developement of the remaining portion of the Park. ,Costs associated with the improvement and a return on the equity invested by the Elk River Associ~ted Investors would be derived from sales of the individual .lots once the improvement was completed. The City Council indicated their support for such a measure and indicated that the City staff should determine the specific costs associated with the improvement to better determine the feasibility of the project and any possible risk associated with the project. 6. Check Register COUNCILMEMBER DUITSMAN MOVED TO APPROVE THE JULY 30, 1984 CHECK .REGISTER. COUNCILMEMBER ENGSTROM SECONDED THE MOTION. THE MOTION PASSED 4-0. There~being no further business, COUNCILMEMBERSCHULDT MOVED THAT THE MEETlNGBE ADJOURNED. COUNCILMEMBER ENGSTROM SECONDED THE MOTION.' THE MOTION PASSED 4....0. Respectfully submitted, -<S(C ~~~.,<=--. Robert C. Middaugh · .0 City Administrator