RES 26-11 - Laserfiche WebLink

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a. CDI's project will result in the investment of over $5,000,000 of construction in the city, and will generate at least 20 new positions and wages along with an increase in the tax base. b. The Elk River site is competing with an Ohio site for this project investment, potentially impacting future operations in Elk River. 2. Finding that the proposed project, in the opinion of the City Council, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future. a. The property CDI intends to purchase and expand on has multiple encumbrances, including a permanent gas line easement, that limits the optimal use of the site. CDI is uniquely positioned to be able to construct manufacturing space on this site and maximize the site's usefulness. b. The property has been slow to develop and has been marketed by the City and EDA for approximately 20 years. This is the last remaining parcel in the City's North Star Business Park yet to be developed. c. Incentives are necessary to secure this project in Elk River. 3. Finding that the proposed project conforms to the general plan for the development or redevelopment of the City as a whole. a. This property is guided for industrial/business park development under the City's comprehensive plan. b. The property is zoned for "Business Park" uses, of which this project is suitable and desirable. c. The property has been owned and marketed by the City's EDA for the purpose of industrial development. 4. Finding that the proposed project will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment or development of the project by private enterprise. a. This project will develop and maximize long -vacant property, meeting a long-term goal of the city to support industrial growth on the project site and helping existing businesses grow within the city.