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Agenda Review Memo Page 2 <br /> Steering Committee Meeting <br /> July 14, 1994 <br /> 1110: <br /> has decreased over the past five (5) years, however, with the development of <br /> Elk Park Center, Hillside Crossing Commercial, and possibly the property at <br /> Highway 169 and Main Street, Elk River's share is likely to increase in the <br /> future years. <br /> Exhibit D is a memo from Bill Rubin to the Economic Development Authority <br /> explaining in more detail the preceding two exhibits and the overall retail <br /> sales activity from 1992. <br /> CONSTRUCTION ACTIVITY <br /> Exhibit E illustrates commercial/industrial construction valuations since <br /> 1988. Last year, 9.5 million dollars worth of commercial/industrial <br /> construction occurred in the community. 1994 is expected to be another <br /> banner year for commercial construction. Elk Park Center, Hillside <br /> Crossings, and surrounding commercial activity should certainly surpass last <br /> year's numbers. <br /> FISCAL IMPACT <br /> • Exhibit F gives a perspective of commercial and industrial contribution to the <br /> City's tax capacity. In total, $3.85 million in taxes representing 44.5% of the <br /> City's tax capacity is generated by commercial and industrial development. <br /> As discussed at the last Steering Committee meeting, both industrial and <br /> commercial development provide a majority of taxes and job opportunities for <br /> a community. The importance of these two land uses for a community should <br /> not be under estimated. <br /> The next exhibit was taken from a Growth Management study for the City of <br /> Lakeville. The analysis illustrates how industrial and commercial positively <br /> benefited a community's tax base. Even though these numbers reflect <br /> Lakeville's situation, the net result would be similar in Elk River. Generally <br /> speaking, commercial and industrial development are "gainers" for cities and <br /> school districts. These two land uses generate a majority of revenue for the <br /> cities and school districts. On the other hand, single family development <br /> demands a considerable amount of services (expenditures) and contributes <br /> less tax revenues. <br /> INVENTORY OF COMMERCIAL PROPERTY <br /> • Exhibit H gives a breakdown of commercial property within the City. <br /> Acreage for each zoning district has been calculated along with a calculation <br /> memo.steering <br />