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City Council Minutes Page 3 August 19, 2002 · THE DEVELOPER SHALL DEMONSTRATE THAT THE PROJECT IS NOT FINANCIALLY FEASIBLE BUT-FOR THE USE OF TRF. EVALUATION OF THE PROJECT'S FINANCIAL FEASIBILITY WITHOUT TRF SHALL BE PROVIDED BY THE CITY'S FINANCIAL ADVISOR ON REQUESTS OF OVER $25,000 TOTAL. THE COST OF FINANCIAL REVIEW AND LEGAL SERVICES WILL BE DEDUCTED FROM THE $5,000 APPLICATION FEE. (SECTION V.C. & SECTION vn.Aa.) AN ITEMIZED PROJECT CONSTRUCTION STATEMENT IS AMONG THE LIST OF REQUIRED APPLICATION DOCUMENTATION. (SECTION VIII.E.J.) COUNCILMEMBER KUESTER SECONDED THE MOTION. THE MOTION CARRIED 5-0. 4.2. Consider Property. Tax Abatement for Elk River, LLC Professional Office Building Project Director of Economic Development Catherine Mehelich stated that the Elk Path, LLC professional office building project is being evaluated according to the revised Tax Rebate Financing Policy. She stated that the project does not meet the new minimum requirements of having the available office space pre-leased and she recommended denial of the application as proposed. COUNCILMEMBER MOTIN MOVED TO DENY THE REQUEST BY ELK PATH, LLC FOR PROPERTY TAX ABATEMENT BASED ON THE FINDING THAT THE PROJECT DOES NOT MEET THE REQUIREMENT FOR 50% OF THE AVAILABLE OFFICE SPACE TO BE PRE-LEASED. THE APPLICATION CAN BE RECONSIDERED ONCE 50% OF THE SPACE IS PRE-LEASED OR THE PROJECT SCOPE IS REVISED TO MEET THE TRF POLICY. COUNCILMEMBER TVEITE SECONDED THE MOTION. THE MOTION CARRIED 5-0. 4.3. Park and Recreation Commission Update Director of Planning Michele McPherson stated that the Park and Recreation Commission have been working with the River City Snow Riders to establish ATV and snowmobile trails through Elk River. She discussed State Statutes, the constraints on Elk River, the proposed cross-city trail link, the implementation process, and she provided regulation options to the Council. Ms. McPherson stated that staff is looking for direction from Council on the following items: The extent qf the r~ulation qf ATI/ use as outlined in her staff report. It was the consensus of the Council that ATV use should be regulated as recommended.