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Steering Committee Minutes Page 2 <br /> July 14, 1994 <br /> dPpzispet ..)5. Introduction of Commercial Development <br /> 5.1. General Information 0 <br /> on Commercial Retail Sales, Construction, and Tax <br /> Impacts <br /> 5.2 Evaluation of Existing Commercial Districts <br /> Steve Ach reviewed the following exhibits: <br /> Exhibit A - Retail Sales and Effective Buying Income for Sherburne County <br /> (1988-1992) Medium household income, retail sales and buying power has <br /> increased over the years. <br /> Exhibit B - Elk River Retailers 1992 Retail Sales <br /> Gross retail sales broken down by Standard Industrial Classification (S.I.C.) <br /> codes <br /> Exhibit C - 1988-1992 Retail Sales in Sherburne County/Elk River/Percent of <br /> County Sales <br /> Discrepancies can occur due to reporting factors (i.e., mailing <br /> address/business address). <br /> Exhibit D- 1992 Retail Sales Estimate <br /> Summary memo of Exhibits A, B, and C, prepared by Bill Rubin <br /> Exhibit E- Residential/Commercial/Industrial Construction Value 1988-1993 <br /> 1994 expected to increase significantly, due to Elk Park Center, Hillside <br /> Crossings, and surrounding commercial activity. <br /> Exhibit F- Commercial and Industrial Contribution to City's Tax Capacity <br /> Commercial and Industrial contribute $3.85 million in taxes, representing <br /> 44.5% of tax capacity. Importance of both industrial and commercial for <br /> a community should not be under estimated. <br /> Exhibit G -Taken from Growth Management Study for City of Lakeville <br /> This study illustrates how industrial and commercial property positively <br /> benefit a community's tax base. Net result would be similar in Elk River. <br /> Industrial and commercial generate a majority of revenue for cities and <br /> school districts. Single family development demands more services <br /> (expenditures) and contributes less tax revenue. <br /> Chairman Minton noted that the net impact of commercial in the <br /> Lakeville study was nearly twice as much as industrial, indicating <br /> commercial was more important. Gary Santwire stated that he felt that it <br /> would be true in considering tax dollars only, but if you are considering <br /> places for people to work who live here, that would a different category. <br /> Dick Hinkle stated that this information does not mention the value of <br /> industrial in creating new jobs. <br />