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Elk REQUEST FOR ACTION <br /> River <br /> To ITEM NUMBER <br /> Economic Development Authority 8. <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> August 19, 2013 Clay Wilfahrt,Assistant Director of <br /> Economic Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Project Updates Brian Beeman,Director of Economic <br /> Development <br /> REVIEWED BY <br /> Jeremy Barnhart, Deputy Director <br /> CODD <br /> ACTION REQUESTED <br /> None <br /> BACKGROUND/DISCUSSION <br /> The purpose of this report is to provide an update on the Economic Development Division's <br /> ongoing projects of interest to the EDA. <br /> Professional Services Bureau (PSB) Land Purchase <br /> Staff is exploring the possibility of utilizing tax abatement to assist with funding of the purchase <br /> of the building and land and the development of a parking lot for PSB. Staff has contacted the <br /> developer and plans to meet with them about the possibility. <br /> PPC Abatement and Land Sale <br /> The City Council approved the tax abatement at its July 1 meeting, and the land sale at the July 15 <br /> meeting. The County approved abatement in the amount of$400,000 on August 13 rather than <br /> the $576,939 requested by Preferred Powder. The$176,939 gap that was created by the County <br /> reduction means that the city and developer will need to restructure the financing or lose the <br /> project. Staff is working with Preferred Powder to create a TIF district. Staff anticipates <br /> completion of the TIF district in September. TIF does not require approval by the County. <br /> GIS Web Application <br /> Staff has completed development of the GIS application on its website. The application maps <br /> available properties and land in Elk River for commercial and industrial development. The <br /> application can be found at www.elkrivermn.gov. <br /> Ralphie's Victory Lane <br /> Staff continues to work with Brian Brehmer to collect all of the due diligence documents <br /> necessary for closing. Staff anticipates a late August closing. <br /> rerE1E1 11 <br /> NATURE <br />