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• Investors in 1972, without any City assistance or <br /> participation. By 1987 , eight ( 8) businesses had located in <br /> the Industrial Park, occupying eight ( 8 ) of sixteen ( 16) lots <br /> available. However, there have been no sales of any lots, and <br /> no new construction in the Industrial Park, for two (2 ) years . <br /> Special assessments and real estate taxes on unsold lots were <br /> in serious arrears until the creation of TIF District No. 5. <br /> After careful review and analysis , the City determined <br /> that in order for the Industrial Park to attract new businesses <br /> to the City and the Industrial Park, and to pay existing taxes <br /> and other obligations, it would be necessary for the City to <br /> step in and assist in installing the necessary public <br /> improvements to complete the development of Phase II of the <br /> • Industrial Park. An agreement was negotiated with Elk River <br /> Associated Investors pursuant to which the City would install <br /> the necessary public improvements to complete development of <br /> the Industrial Park, and Elk River Associated Investors would <br /> refund a portion of the proceeds from any sales of lots in <br /> Phase II of the Industrial Park to the City and apply the <br /> balance of any sale proceeds to pay outstanding special <br /> assessments and taxes on unsold lots in the Industrial Park. <br /> Alltool Company has been located in the Elk River <br /> Industrial Park since 1982 . This is a local business which has <br /> grown from four employees to over one hundred twenty-five ( 125) <br /> today. Alltool has outgrown its present facilities in Phase I <br /> of the Industrial Park and can no longer expand at this <br /> location. Alltool has, therefore, been looking at possible <br /> 2 . <br />