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MM-PA <br /> MMPA Project Narrative <br /> Mlnnewta Mu nfml Pnwe,Agency <br /> Consistency with the City of Elk River Comprehensive Plan: <br /> The proposed development is consistent with the City of Elk River's comprehensive planning <br /> objectives in a number of ways. Consistencies with both the current 2014 Comprehensive Plan <br /> and 2020 Comprehensive Plan Update Existing Conditions Memorandum are identified in the <br /> able below. <br /> Comprehensive Plan Policy Consistency with Proposed Project <br /> Encourage Industrial Historically, Elk River has enjoyed a diverse and strong <br /> Development industrial base. This base thrives with a regionally <br /> recognized labor force and business friendly posture. <br /> (pg.40, 2014 nsi <br /> Compreheve <br /> Plan; pg. 21 & pg. r nsi Opportunity and Desire to Expand Industrial Uses in the <br /> 20 <br /> Existing Conditions City. <br /> Memorandum) There is a desire to increase land available forjob growth, <br /> primarily light industrial uses, and business parks. <br /> However, there is currently limited large lot industrial sites <br /> available in the City, making it essential for the <br /> Comprehensive Plan to identify ppropriate opportunities, <br /> while also identifying market constraints to this growth. <br /> The proposed project provides an opportunity to expand <br /> industrial uses, while also serving as a catalyst for future <br /> development potential. <br /> Key Takeaways from the 2020 Existing Conditions <br /> Memorandum <br /> Trends in the industrial market indicate a demand for <br /> additional space set aside for continued growth in this <br /> sector: <br /> • Elk River has seen consistently affordable rents over the <br /> years in the industrial sector making it an attractive <br /> community for businesses looking for space in the <br /> Minneapolis/St. Paul Region. However, there is limited <br /> available space for additional industries to move in and the <br /> County has lower vacancy than the Twin Cities Regional <br /> onal <br /> Market. <br /> • There is opportunity, to competitive in the re_iq on by <br /> increasing available industrial land (especially larged In <br /> addition, Elk River is also at the crossroads of US Highway 10 <br /> and US Highway 169 making it well-positioned to attract <br /> major industries looking for access to the region. <br /> Page 5 of 7 <br />