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'IL*4* DRAFT <br /> ElkSpecial Meeting of the Elk River <br /> River Economic Development Authority <br /> Held at the Elk River City Hall <br /> Monday, August 25, 2014 <br /> Members Present: President Tveite, Commissioners Burandt,Dwyer, Motin and Provo <br /> Members Absent: Commissioners Westgaard and Wilson <br /> Staff Present: Jeremy Barnhart, Deputy Director, Community Operations and <br /> Development <br /> I. Call Meeting to Order <br /> Pursuant to due call and notice thereof, the meeting of the Elk River Economic <br /> Development Authority was called to order at 5:30 p.m. by President Tveite. <br /> 2. Consider 07/21/2014 Agenda <br /> Moved by Commissioner Motin and seconded by Commissioner Dwyer to approve <br /> the August 25,2014, agenda. <br /> Motion carried 5-0. <br /> 3.a Consider Acquisition of Lots 1 and 2, Block 1, Fox Haven Commercial by <br /> Donation <br /> 3.b Consider Budget Amendment <br /> Mr. Barnhart presented the staff report on acquiring the Fox Haven commercial lots in <br /> exchange for paying the property taxes of$79, 387.77. Mr. Barnhart noted that through <br /> preliminary due diligence investigation, one of the lots held a farmhouse that was burned <br /> down, and the rubble appears to have been backfilled into the foundation. There is some <br /> concern that chemicals and asbestos might be present, but this wouldn't be known until <br /> more investigation can be completed. <br /> Commissioner Dwyer noted that the city's share of the past due taxes further reduces the <br /> acquisition costs. <br /> Motin questioned which lot held the farmhouse. Mr. Barnhart noted he expects to find out <br /> at the completion of the environmental assessment. <br /> Commissioner Provo questioned what our liability is,if the remediation comes back at an <br /> excessive level. Mr. Barnhart noted that there is a risk. Mr. Barnhart stated he anticipates <br /> the remediation costs to be minor, and under the fair market value of the properties. <br />