09-13-1993 EDA MIN - Laserfiche WebLink

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Elk River EDA Meeting september 13, 1993 Page 4 --------------------- e 12. Review Progress of Business Park Task Force Vice President Dwyer stated that the Business Park Task Force has met on several occasions. He indicated that much progress has been made regarding assessing the city's existing inventory of industrially zoned land, identifying suitable park locations, and exploring potential sources of financing. He stated that the issue at hand, beyond identifying one or more suitable locations, is that of funding. He noted that the Business Park Task Force has reviewed several sources of funding including Tax Increment Financing, an EDA levy, money from the HRA, money through the Minnesota statutes Chapter 429 process, grants, and internal financing. He stated that the Task Force is requesting the Council to review the alternatives and that it be prepared to offer a decision to the Business Park Task Force in the near future. e Commissioner Duitsman suggested that the H~ would not be interested in using its funds to purchase industrial property, however, if primary funds are available for property purchase, the HRA may be in a position to assist Bill Rubin stated that unless the land were blighted or contaminated, etc., it would likely not qualify for an HRA project. Other funding options were discussed by the EDA at this time. Vice President Dwyer suggested that the best possibility may be the use of excess TIF funds from Districts No. 1 & No.3. Commissioner Holmgren suggested that there are several uses for the excess TIF funds in Districts No. 1 & No. 3 including expansion of utilities to the east of the city. Commissioner Duitsman reminded commissioner Holmgren that the latest Engineer's estimate had much of the east utility expansion costs being covered by the project. commissioner Duitsman indicated that storm water drainage and industrial park acquisition are two areas in which he would be willing to use the excess TIF funds from Districts No. 1 & No.3. Commissioner Holmgren stated he would be willing to commit a portion of the excess TIF when he has a better idea of the project being proposed. Vice President Dwyer suggested that this discussion be put on a formal Council agenda. 13. Consider Topics for Late Summer - Early Fall EDA Newsletter Bill Rubin reviewed some potential topics for the EDA Newsletter. EDA felt that all proposed topics were appropriate and suggested topics consisting of residential development and the new clinic. Rubin indicated he would present a draft of the newsletter to the for review. The other Bill EDA 14. Prospect status Report The EDA discussed the prospect Status Report which was sent under separate cover. e