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<br />EDA Minutes <br />June 10, 1991 <br /> <br />Page 4 <br /> <br />e <br /> <br />considers as being a very good offer. He stated that the City does <br />have enough money to purchase the remaining parcels of the Elk River <br />Industrial Park in 1991. He indicated that the $260,000 needed for the <br />proposed purchase would come from different funds. He further <br />indicated that it is anticipated that once the property is purchased, <br />the money will eventually go back into the funds as the property is <br />sold. Pat Klaers also indicated that another reason the City is <br />interested in purchasing this property is because the large triangular <br />shaped lot is planned to be connected to school property for park <br />purposes. He also indicated that the Elk River Industrial Park is one <br />of the few remaining sites of eight acres or more with municipal <br />utilities that is available in Elk River for industrial purposes. <br /> <br />Pat Klaers indicated that the EDA should consider whether or not they <br />are interested in purchasing the Industrial Park and marketing it. <br />Discussion was held by the EDA regarding the appropriateness of the EDA <br />to act as a landholder and developer. It was the consensus of the EDA <br />that it was appropriate to proceed with the purchase of the Elk River <br />Industrial Park. It was also noted that the Elk River Associated <br />Investors group have stated that they would be interested in staying <br />acti ve and that they would consider reorganizing as a nonprofit local <br />development corporation. <br /> <br />e <br /> <br />COMMISSIONER KROPUENSKE MOVED TO RECOMMEND THAT THE CITY COUNCIL <br />PROCEED TO ACQUIRE AN APPRAISAL AND SOIL ANALYSIS FOR THE ELK RIVER <br />INDUSTRIAL PARK AND TO PROCEED WITH THE PURCHASE OF THE PROPERTY. <br /> <br />Commissioner Dietz indicated his concern regarding the City spending <br />money for this purpose during these tight economic times. He <br />questioned the benefits for the City and whether or not the City's <br />marketing strategies would change once they owned the property. He <br />further expressed his concern regarding the depletion of City reserves <br />for the purchase of this property. <br /> <br />COUNCILMEMBER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />12. Adjournment <br /> <br />There being no further business, COMMISSIONER TRALLE MOVED TO ADJOURN <br />THE MEETING. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION <br />CARRIED 6-0. <br /> <br />The meeting of the Economic Development Authority adjourned at 8:50 p.m. <br /> <br />e <br /> <br />Respectfully submitted, <br />() <br />~c? <br /> <br />Sandra A. Thackeray <br />City Clerk <br /> <br />