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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.5 <br />Agenda Section Meeting Date Prepared by <br />Consent November 1, 2021 Zack Carlton, Planning Manager <br />Item Description Reviewed by <br />Interfund Loan Resolution for Business Center Cal Portner, City Administrator <br />Drive Extension <br />Reviewed by <br /> <br /> <br />Action Requested <br />Adopt, by motion, an interfund loan resolution authorizing advance of funds to be reimbursed with future tax <br />abatement. <br /> <br />Background/Discussion <br />On October 18, 2021, the City Council accepted the proposal from Hakanson Anderson to begin the surveying and <br />engineering work associated with the extension of Business Center Drive and keep the project on schedule for <br />anticipated construction next summer. The full project costs are currently estimated at $700,000 including <br />engineering, design, administration, property acquisition, and construction. <br /> <br />Funding for the project will come from a future tax abatement on the parcels included in the Broadway on 10 multi- <br />family apartment and townhome project. The city will be the only entity in the abatement and expects to pay for the <br />roadway extension project six to seven years after build-out. <br /> <br />The interfund loan resolution allows the city to begin paying for some of these costs in advance of the abatement <br />district. Staff is moving forward with the abatement process and is planning for formal adoption late this year or <br />early 2022. <br /> <br />Financial Impact <br />The total project cost is estimated at $700,000 and will be funded by a city-initiated tax abatement. <br /> <br />Mission/Policy/Goal <br /> Help, not hinder citizen quality of life. <br /> Meet changing needs of the community. <br /> Responsibly grow. <br /> <br />Attachments <br /> Interfund Loan Resolution <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />