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<br />OPTIONS FOR GROWING PARKING THROUGH CITY <br />TAX BASE INCREASES TO FINANCE IMPROVEMENTS <br />cont. <br /> <br />The key factor in the cost control for the parking facility will be crucial to the <br />construction costs under the bond sale limit. Air rights above the parking are also a <br />workable concept approach. The existing businesses in this block may enjoy connected <br />parking and therefore, these businesses have the opportunity to extend customer access <br />from north and south sides of Main Street. See Vedi Associates Project examples: Mill <br />Street Parking / Bank Facility on Page 13. <br /> <br />MID- TERM <br />C) O'Reilly Center Development <br />O'Reilly Building has unlimited development options by retrofit approach. This building <br />can expand north single story or multi stories. The existing King Avenue parking lot has <br />ultimate potential for parking expansion associated with the O'Reilly Center. <br />Development, underground parking, semi-underground, mixed-use revenue generating <br />space and tax-base improvements can be developed at this location. It also has great <br />exposure from Highway 10. <br /> <br />The potential mixed-use development and parking hub alone can bring Elk River into a <br />different level of City Standards. A brief review of this property seems to show it is quite <br />suitable for mixed used development with integrated parking. However, a stand-alone <br />parking structure without any related development(s) at this location will not be an <br />economical approach as there is no tax base to offset the construction costs. <br /> <br />MID- TERM / LONG-TERM <br />D) Transient Center Hub <br />This idea can keep the growth perspective of the Northstar Commuter Rail in mind. <br />Additionally, there is the opportunity to connect Highway 10 eastbound and westbound <br />traffic to downtown Elk River without depending on traffic signal lights. <br /> <br />A structure may span over Highway 10 and be utilized for parking and mixed-use <br />development along with or separately from the O'Reilly Center Development. Or the <br />span over Highway 10 may become a part of a future expansion plan. <br /> <br />Again the cost of building a parking structure may be paid by tax structure generated by <br />the development( s) associated with parking. <br /> <br />9 <br />