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t4MW1t <br />i1�n^ ota Municipal Flower Ane — <br />MMPA Project Narrative <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 Compreheve <br />Plan; pg. 21 & pg. Comprehensive <br />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 Citv. makina it essential for the <br />Comprehensive Plan to identify appropriate opportunities, <br />while also identifvina market constraints to this arowth. <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 />Market. <br />There is ooportunity to stav comaetitive in the reaion b <br />increasina available industrial land lesoecially larae lots). 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 />