8.0. EDSR 02-13-1995 - Laserfiche WebLink

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�'.6 - ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY 1111 MEMORANDUM TO: ECONOMIC DEVELOPMENT AUTHORITY FROM: WILLIAM RUBIN, EXECUTIVE DIRECTO 94, DATE: FEBRUARY 13, 1995 SUBJECT: PUBLIC/PRIVATE PARTNERSHIP ISSUES At its December meeting, EDA Commissioners discussed possible public/private partnership scenarios related to developing the business park area. This matter was referred to the EDA Business Park Task Force for further analysis. In its analysis, the Task Force reviewed three issues: 1. Public ownership and development (see January 9, 1995, letter from Jay Johnson) • 2. Availability of City funds ($430,000 from the former RDF district and/or $300,000 from TIF District No. 1 and No. 3.) 3. Defining the public/private partnership (Underwriting infrastructure costs) Information on each of these issues is found below: 1. Public Acquisition of B-P Property - One possible option relating to City/EDA participation in the business park is to publicly acquire various sites or tracts which would be improved and held until specific users came forward. EDA Commissioners will recall that it explored this concept in mid-1994. An appraisal of Country Ridge's B-P property was authorized, and, although a specific offer was never tendered, Country Ridge rejected rounded acquisition estimates as presented by the Task Force: The issue of pubic acquisition has emerged again as outlined in Mr. Johnson's letter. Given the limited amount of public funds, the EDA's acquisition of raw business park property is a low priority. This endeavor is better served by private sector land 111/ developers rather than an agency like the EDA. However, the P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment