3.0. SR 10-11-1993 - Laserfiche WebLink

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e - reviewed general sites within the community for additional industrial/business parks, and - reviewed a new B"""P/Business Park zoning designation. The Task Force recommends the following ..items for consideration by the City Council: a. Funding Sources i. Land Acquisition - Amend TIF Plans No. 1 and No. 3 to enable TIF funds from Districts No. 1 and No.3 to be used in the acquisition of land for additional industrial/business parks. Available funds from Districts No. 1 and No.3' are estimated at $43G,00 to $435,GOO. Supplemental funds for the purchase of land may include accessing a portion of the EDA1s fund balance, and/or requesting a grant-loan from a quasi-publiC entity such as a utility company. Another'potential source of funds is through the Housing and Redevelopment Authority (HRA); however, the historical mission of an HRA is that of addressing areas that are in need of redevelopment. e ii. Infrastructure Improvements - Two likely options are available for the construction of roads and the ,installation of utilities. 'they include the sale of bonds via Minnesota Statutes, Cha~ter 429, or, an application to the U.S. Economic Development Administration (USEDA). 'the EDA has grant funds available for infrastructure costs in support of industrial park projects. However, these grant funds are finite, and at best, the grant would cover 70 to 80 percent of the costs. b. Potential Sites The Task Force recommends that the City consider two general areas as potential sites industrial/business park. These areas are: Council for an i. Several contiguous sites lying immediately west of the fairgrounds and east of Waco Street; and ii. An area east of Burlington Northern part of the City. U.S. Highway 10 Railroad along and the the eastern c. Business Park Zone e The Task Force recommends that the City Council consider ,creating a newB-P business park zone. This