3.0. EDSR 10-26-1998 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM TO: Economic Development Authority ROM: Paul T. Steinman, Director of Economic Development DATE: October 22, 1998 SUBJECT: Agenda Memo for October 26, 1998, Special Meeting 3. Public Hearing-Sale of EDA-owned Industrial Land The purpose of this special EDA meeting is to hold a public hearing to allow citizens an opportunity to provide input on the sale of the EDA- owned industrial lot in the Elk River Industrial Park. Notification of this public hearing was provided in the Star News on Wednesday, October 14, 1998, as is required by Minnesota Statute. • As stated in Minnesota Statute, the Authority shall, upon holding the public hearing, make its findings and decision on whether the sale of the property is advisable and enter its decision in its records. Background The sale of this lot is for the purpose of completing construction of a 35- 40,000 square foot manufacturing facility for Supermats, Inc. The development contract between the EDA and Supermats (Bryan L. Jones) was approved at the September meeting of the Economic Development Authority. Such development contract outlines various mechanisms to guarantee that the building will be constructed on the site within a certain time frame and that, upon completion, the building and land will have a market value of not less than$900,000. The sale prices is $1 to the developer with tax increment reimbursing the EDA for the full value of the lot. Recommendation Staff recommends the Authority find that the sale of Lot 2, Block 2, Elk River Industrial Park, is advisable and appropriate and in the best interest of the city, and that the transaction furthers the Authority's general plan of economic development for the City of Elk River. 13065 Orono Parkway• P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612)441-7425 Equal Opportunity Housing and Equal Opportunity Employment