7.5. SR 06-04-2007 - Laserfiche WebLink

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value of new homes increased to $213,522. Single family homes accounted for 150 of the new housing units compared to 195 built in 2005. In 2006, two new industrial businesses (Quality Label and United Healthcare Services, Inc.) located or started construction in Elk River adding 35 new jobs and estimated market value totaling $15,742,100. During 2005, the City opened a 35 acre business park known as Northstar Business Park and three lots are currently available. The City has started to have discussions about a new business park on the City owned property southeast of town. The downtown revitalization project that the Elk River Housing and Redevelopment Authority (HRA) has been spearheading is now underway. A total of approximately $25,000,000 in redevelopment is occurring in the historic downtown district. A City park is being constructed downtown to compliment the new development. Two new buildings will consist of a combination of both for sale and rental housing and commercial units, with some housing overlooking the Mississippi River. The Bank of Elk River is undergoing a major expansion to its main office that is located adjacent to the two new buildings. The City approved tax abatement in the amount of $300,000 for this major expansion of the Bank. In addition, the HRA is reviewing other areas of downtown and beginning initial planning to allow for future redevelopment. In late 2006, a taskforce was assembled for the preparation of a comprehensive downtown redevelopment plan. The City started construction on a new 16,000 square foot library which is planned to be completed in fall of 2007. The building will be LEED certified. LEED certified buildings are built to the highest standards of energy efficiency and environmental sustainability. The Elk River Library will incorporate energy saving systems such as geothermal heating and cooling, natural lighting and photovoltaic dimmer switches. In addition, the citizens of the City approved to have the City begin design/construction of a YMCA building which will be leased by the YMCA through a lease agreement with the Economic Development Authority. Details of this project are currently underway with construction expected to start in the fall of 2007. Also in 2006, the City started the discussions of beginning the next phase of the wastewater treatment plant expansion which includes a mercury removal system, U.V. system upgrade, and other necessary upgrades. Industrial and commercial development has been very strong and is expected to remain strong; however, residential development has slowed considerably. There are approximately 800 residential lots available with more lots becoming available in 2007. The City is currently preparing to open a new business park with lots being available in 2008. Long-term financial planning. In 2006, City Council approved completing a Land Use Financial Management Plan. This Plan builds on the Financial Management Plan and tax analysis study completed in 2005. The Land Use Financial Management Plan will focus mainly on undeveloped property with the goal of determining what type of development needs to occur in order to provide enough tax base to support the City’s demand for services when fully developed. The Council has been diligent in maintaining a level tax rate. This study will provide the information needed to develop in a manner that will sustain or expand City services while keeping the tax rate stable. Department heads will be estimating staff additions, service levels, and capital needs for the next ten years as part of this process. The Financial Management Plan completed in 2005 indicated that, based on the estimated tax base, the cost of current services inflated over time, and projected capital expenditures, the City could continue to offer existing services while keeping the tax rate stable with only minor fluctuations. This additional study will provide the community development department vital information to assist in properly zoning undeveloped areas of the City to maximize the tax base. Further, the study will evaluate the financial feasibility of expanding the sewer system to property that will be available for development after gravel 3