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<br /> <br />Item 7.6 A & B <br /> <br />13065 Orono Parkway <br />Elk River, MN 55330 <br /> <br />May 27, 2005 <br /> <br />File #: 819610]-0030 <br /> <br />The Honorable Mayor and City Council <br />City of Elk River <br />13065 Orono Parkway <br />Elk River MN 55330 <br /> <br />RE: NOR1HSTAR BUSINESS PARK FEASIBILITY STUDY <br /> <br />Dear Council Members: <br /> <br />Attached is the feasibility study for the Northstar Business Park to be located on the Brown <br />property owned by the Economic Development Authority (EDA). This feasibility study was <br />recommended by the ED A and ordered by the City Council. Prior to completing the final <br />document, a draft was presented to the EDA and a section in the report discusses their <br />comments. The improvements are proposed to be financed by tax increment financing <br />and/ or tax rebate generated by development of the lots. The largest issue with this <br />proposed improvement is how to balance the risk associated with developing a large portion <br />of it without any users versus how to get users without having the business park developed. <br />The EDA recommended an option outlined in the report that would prepare plans and <br />specifications and platting for the entire area but only proceed with underground utilities in <br />the first phase. The estimated cost of this option is approximately $250,000. <br /> <br />I will be available to make a brief presentation to the City Council on June 6th. The <br />Economic Development staff will also be present to discuss a potential user for the first lot <br />in the site, and also a potential grant program through the Minnesota Department of <br />Employment and Economic Development that could possibly help fund a portion of the <br />infrastructure. <br /> <br />Attached are two resolutions for the City Council's consideration. The first one receives the <br />feasibility study and orders the public hearing to be held on July 5,2005. Even though the <br />City is the only affected property owner, the City's tax increment financing (TIF) attorney <br />has recommended that no steps be waived in the public improvement process if TIP <br />Phone: 763.635.1000 <br />Fax: 763.635.1090 <br /> <br />www.cLelk-river.mn.us <br /> <br />