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Economic Development Authority Minutes March 15, 2021 Page 3 ponding. Mr. Carlton stated he would like to get preliminary feedback from the EDA prior to continuing discussions with Cargill. He explained preliminary cost estimates are $2.75 million. He noted the EDA Development Fund has a $3 million balance, but staff's goal would be to recoup all costs through sale of the business park lots. The EDA questioned how lot sizes were determined. Mr. Carlton explained lot sizes were established based on previous interest, but they can be modified as needed. He indicated the challenge with smaller lots would be the additional infrastructure required to service the parcels. Commissioner Wagner questioned the status of the Twin Lakes Road connection to Highway 10 as she believes that would provide a considerable increase in the value of this project. Mr. Carlton explained the city is working with MnDOT to complete an Access Management Study along Highway 10 which should be completed by the end of the year and provide a timeline for the connection. Commissioner Wagner stated the extension to 165'' will become heavily used for traffic going to the Youth Athletic Complex and questioned if the amount and types of traffic have been reviewed. Mr. Carlton indicated the road will be designed appropriately for all users. He noted part of Cargill's interest in completing this project is to provide their employees with safer access to Highway 10. EDA consensus is to move forward with this project and discussions with Cargill. Staff will return on April 19, 2021, with an update. 9. Adjournment There being no further business, President Tveite adjourned the meeting of the Elk River Economic Development Authority at 5:57 p.m. Minutes prepared by Jessica Miller. Dan Tveite, EDA President Tina Allar , City Clerk p 0 1 EEaII 11 NA 1URE