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Steering Committee Minutes R, <br />July --- 1994 / 0 <br />5.3 Inventory of Commercial Property - Exhibit H od�� <br />0 <br />Steve Ach explained the following breakdown of commercial property in <br />Elk River: <br />Total acres zoned Commercial: <br />873 acres <br />C 1 /Central Commercial - <br />55 acres <br />C2/Office District - <br />56 acres <br />C3/Highway Commercial - <br />662 acres <br />Planned Unit Development <br />140 acres <br />Total Acres Developed <br />469 acres <br />Total Acres Vacant <br />404 acres <br />- Restrictive Areas <br />-27 acres <br />TOTAL NET ACRES AVAILABLE FOR DEVELOPMENT - <br />377 ACRES <br />Cecilia Scheel questioned what 'restrictive areas of development" <br />meant. Steve Ach explained that these areas were wetlands, floodplain <br />areas, or properties that would not meet minimum setback requirements <br />and could not be developed. <br />Gary Santwire asked how many restricted and developed acres were in <br />each of the four commercial areas. Steve Ach stated that those numbers <br />have been calculated but he did not have them available, but indicated <br />most of the available commercial area is C-3/Highway Commercial. He <br />explained that the C-I/Central Commercial area is located in the <br />downtown and is fairly limited. C-2 is in the corridor on Main Street <br />between Highways 10 and 169, and north along Jackson. <br />C-3 is located along east Highway 10 and up Highway 169. <br />Steve explained that using a high absorption rate of 14 acres per year, the <br />City would have approximately 27 years worth of commercial property. <br />Using a low rate of 2 acres per year, there would be approximately 188 <br />years worth of commercial property. He noted that these numbers could <br />change dramatically when big projects such as Elk Park Center are <br />developed. <br />Pat Dwyer indicated that a large portion of undeveloped commercial <br />land located along the Highway 10 east corridor would be used if sewer <br />and water were available. He stated that if a large user wanted to locate <br />there, they would be unable to because of the lack of utilities. <br />Gary Santwire questioned whether or not Elk Park Center is considered <br />developed. Steve Ach stated that the majority is considered developed <br />with the exception of the free-standing lots between Freeport Avenue <br />and Highway 169 and the 3 lots at the north end of the development. <br />Steve Ach explained the graph attachment to Exhibit H, which shows the <br />new commercial development from 1988 to 1993. He estimated there will <br />be approximately 75 to 100 acres of new commercial development in <br />1994. <br />6. Overview of Commercial Districts <br />