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<br />th <br />property. Elk River Municipal Utilities has a 10-inch watermain along 175 Avenue, and staff has <br />included a condition requiring the applicant to prepare and record an easement preserving maintenance <br />access to the utility line. <br /> <br />th <br />In addition to the resolution vacating portions of the right-of-way at Twin Lakes Road and 175 Ave, <br />staff is also requesting approval of a quit claim deed transferring city interest in the vacated area to the <br />adjacent property owner. <br /> <br />Resolution of Support <br />The applicant has requested that if the City Council supports the proposed use they vote on a resolution <br />of support. The applicant will utilize state tax credit funding for the project which requires a resolution of <br />support from the City Council. <br /> <br />The resolution does not approve the project and the city will not be required to approve future land use <br />applications for the site should Council adopt the resolution. <br /> <br />Tax Increment Financing <br />The applicant has also submitted a separate application for a 25 year $810,000 TIF application. This <br />application will be reviewed separately and supporting the conceptual apartment project does not require <br />support for the TIF application. <br /> <br />Financial Impact <br />The applicant has requested a 25 year $810,000 pay as you go tax increment financing application. <br /> <br />Attachments <br /> Location Map <br /> Applicants Narrative <br /> Conceptual site plan and renderings <br /> Vacation Exhibit received May 14, 2020 <br /> Resolution Vacating City Right-of-Way <br /> Quit Claim Deed <br /> Resolution supporting the project <br /> Letter of support dated May 18, 2020 <br /> <br />C:\\Users\\jmiller\\AppData\\Local\\Microsoft\\Windows\\INetCache\\Content.Outlook\\MAFZRF0G\\7.8 sr CHDC Easement Vacation.docx <br />