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Ciry Council Minutes July 11, 2005 Page 2 Representatives from The Bank of Elk River present were John Babcock and Pat Dwyer. Mr. Dwyer explained how they are outgrowing their current facility, will need approximately 40,000 square feet, and are anticipating adding second and third floors to the existing building. He indicated that even though expansion at the downtown site is more expensive than new construction on the vacant land they own in Otsego, they wish to remain in downtown Elk River and have purchased the Boelter's site along Highway 10 for additional parking. Rick Keillor with Vanman Architects and Builders, Inc. explained the design for the site. The second floor addition of approximately 20,000 square feet would be the first phase. Phase One would also consist of a community room in the basement. Phase Two would be the addition of the third level adding an additional approximately 10,000 square feet. Ms. Mehelich explained that this project does not qualify for Tax Increment Financing (TIF) but would qualify for Tax Rebate Financing (TRF). Staff has estimated $400,000-600,000 of TRF money could be available from the City and County in a 10-year period. City Administrator Klaers stated that the size of this project and having a building three stories in height is consistent with the redevelopment and expansion goals of the HRA and complements the size and scope of the two other downtown revitalization projects that are currently taking place. Director of Planning Michele McPherson explained that with the parking requirement for banks, the total number of spaces required for the building after expansion would be 210 spaces. The Bank's current site after expansion plus the Boelter's lot to the east provides a total of 104 parking spaces. She stated that in the past the City has not required individual sites to provide 100% of their required parking and staff believes that this trend should continue with any bank expansion. Ms. McPherson stated that even though the code requires 210 spaces for parking, she believes that what they will provide and with the sharing of other parking areas, it seems reasonable for them not to have to provide this 100%. She stated that this may need to be reevaluated after all the downtown area projects are completed but that she feels that the parking they are proposing to provide should be sufficient. Ms. McPherson stated that parking in the Boetler's site has been determined to be an accessory use and staff will be reviewing the parking plan for site plan approval, at which time such items as access, grading and drainage, and landscaping will be reviewed. Councilmember Dietz inquired of Mr. Dwyer if the employees would park in the downtown area. Mr. Dwyer answered yes they would. Councilmember Dietz inquired if the 104 parking spaces meet the bank's needs. Mr. Dwyer stated yes and that they are willing to work with this number to show their commitment to remain in the downtown. He stated that individuals could park in the King Avenue parking lot and other public parking areas. Mayor Klinzing stated that she and the council wish to have the bank remain in Elk River and wish to help in whatever way possible to allow them to stay.