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tti ..r., Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 8.2 <br /> Agenda Section Meeting Date Prepared by <br /> Work Session December 19,2016 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Spectrum Schools Relocation Cal Portner,City Administrator <br /> Reviewed by <br /> Action Requested <br /> For discussion purposes. <br /> Background/Discussion <br /> Spectrum High School began operation of their high school location at 17796 Industrial Circle NW in <br /> the Elk River Business Park in the fall of 2011.The initial capacity of the school was 525 students,which <br /> were to be distributed among grades six through twelve. <br /> In 2014 Spectrum received approval for a sixth grade facility at 11044 Industrial Circle NW without a <br /> planned increase to the student capacity.The institutional use at this location shares the building with <br /> industrial users that continue to operate their businesses. <br /> Funding for the improvements within the business park come from bonds with a 30-year payoff.The <br /> extended timeframe of the funding source for these facilities means that the school will not be in a <br /> financial position to re-locate out of the business park,re-locate to another location within the city or to <br /> another city in the near future. <br /> The school,through its growing enrollment and need to expand,has proven that it is filling an <br /> educational need within the community. The school also employs 140 people, and is plans to increase <br /> the number of employees with their expansion plans. <br /> Staff has weighed the impacts to the industrial park with the benefits to the community and feels that the <br /> best option is to work with Spectrum to find an opportunity where they can grow near their existing <br /> facilities,without occupying existing industrial space or displacing existing businesses. <br /> Staff has identified a location of undeveloped EDA-owned property southwest of their high school <br /> location and west of Twin Lakes Road. The property consists of 12.13 acres and has been marketed for <br /> sale at$2/sf,or$1,056,765.60. The city has incurred approximately$24,260 of expenses related to <br /> utilities,grading and park dedication fees for this property. The EDA has owned this parcel since the <br /> Northstar Business Park was platted in 2005 and has received little interest in the property due to the <br /> parcel shape,and presence of a gas line easement near the center of the parcel. These two items have <br /> proven difficult for potential businesses to overcome,but may not be as challenging for Spectrum. <br /> t <br />