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Economic Development Authority Minutes Page 3 <br /> March 15,2021 <br /> ----------------------------- <br /> ponding. Mr. Carlton stated he would like to get preliminary feedback from the EDA <br /> prior to continuing discussions with Cargill. <br /> He explained preliminary cost estimates are $2.75 million. He noted the EDA <br /> Development Fund has a $3 million balance,but staff s goal would be to recoup all <br /> costs through sale of the business park lots. <br /> The EDA questioned how lot sizes were determined. Mr. Carlton explained lot sizes <br /> were established based on previous interest,but they can be modified as needed. He <br /> indicated the challenge with smaller lots would be the additional infrastructure <br /> required to service the parcels. <br /> Commissioner Wagner questioned the status of the Twin Lakes Road connection to <br /> Highway 10 as she believes that would provide a considerable increase in the value of <br /> this project. Mr. Carlton explained the city is working with MnDOT to complete an <br /> Access Management Study along Highway 10 which should be completed by the end <br /> of the year and provide a timeline for the connection. <br /> Commissioner Wagner stated the extension to 165`x'will become heavily used for <br /> traffic going to the Youth Athletic Complex and questioned if the amount and types <br /> of traffic have been reviewed. Mr. Carlton indicated the road will be designed <br /> appropriately for all users. He noted part of Caro's interest in completing this <br /> project is to provide their employees with safer, access to Highway 10. <br /> EDA consensus is to move forwar 'with s projet" d discussions with Cargill. <br /> Staff will return on April 19, 2021,with an update. <br /> 9. Adjournment <br /> There being no further business, President Tveite adjourned the meeting of the Elk <br /> River Economic Development Authority at 5:57 p.m. <br /> Minutes prepared by Jessica Miller. <br /> Dan Tveite,EDA President <br /> Tina Allard, City Clerk <br /> UREJ <br />