7.2. SR 02-07-1994 - Laserfiche WebLink

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M~ CONSL'LTlNG ENGL\U CIVil ENGINEERING ENVIRONMENTAl MUNICIPAl PlANNING STRUCTURAl .URVEYING TRAFFIC TRANSPORTA nON 1326 Energy Pork Drive St. Paul, MN 55108 612-644-4389 Fox: 612-644-9446 _800 Shelard Parkway Minneapolis, MN 55441 612-546-0432 Fox: 612-544-6398 1 S2-0203.feb ITEM 7.2. February 2, 1994 File: 230-152-10 Honorable Mayor and City Council City of Elk River 13065 Orono Parkway Elk River, MN 55330 RE: ELK PARK CENTER FEASIBILITY STUDY Dear Council Members: Attached is a copy of the Feasibility Study for the Elk Park Center project. The rear portion of the Feasibility Study contains four appendices that contain much of the information leading up to the point in time that this study was authorized. The study discusses all necessary improvements for the development of Elk Park Center. This would include internal street and utilities, trunk utilities, and external street improvements primarily on School Street and Jackson Avenue. The estimated total cost for all improvements discussed within the report is $4,541,900. The financing section of the report discusses the recommended cost split between the developers of Elk Park Center, other properties benefitted by the improvements, and the City. I will be prepared at Monday evening's City Council meeting to discuss any issues regarding this study in detail. The project schedule in the report, which has been previously distributed to the City Council, lays out a rather aggressive schedule for completing the public improvements concurrently with other issues related to the development. The schedule is set such that all public improvements including streets would be accomplished in 1994, anticipating an early 1995 opening of the commercial stores in the shopping center. It is anticipated that all parties proposed to be assessed for the proposed improvements will waive their rights to a public hearing; therefore, the schedule indicates that at Monday evening's meeting the City Council will be asked to consider a resolution authorizing the preparation of plans and specifications. A draft resolution is attached for the Council's consideration. After discussion of the Feasibility Study, City staff would recommend the Council consider the attached resolution. Adoption of the resolution should be contingent upon the developer's placing an adequately- sized escrow account to cover work to date plus work anticipated for the plans and specifications on the improvements internal to the shopping center.