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Request for Action <br /> Cir•ci <br /> Elk - <br /> River= <br /> To Item Number <br /> Economic Development Authority 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business May 17, 2021 Zack Carlton,Planning Manager <br /> Item Description Reviewed by <br /> Utility and Roadway Extension Agreement with Colleen Eddy, Economic Development Specialist <br /> Cargill Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Approve,by motion,the use of Economic Development Authority funds to facilitate extension of 168t1i Circle and <br /> the associated utilities through Cargill property down to 165"'Ave. <br /> Background/Discussion <br /> City staff has been working with Cargill to negotiate a donation of land in exchange for the extension of 168"' <br /> Circle and the associated utilities down to 165"'Ave. The attached agreement outlines the process which will <br /> provide the city with approximately 30 acres of developable Business Park land for future development.The final <br /> number and size of the buildable lots will be determined during the platting and design process. <br /> The city will install the roadway and utility extensions using a combination of city funds and economic <br /> development funds and will recoup those costs through the sale of the industrial land. The development costs are <br /> estimated at$2.75 million. <br /> The first steps will begin this week with the surveying,platting, and engineering of the project. Staff expects this <br /> work to be completed this summer. Once the City Council has approved the plat for the property,the city will go <br /> through a public bidding process for the street and utility extension. This work is expected to take place over the <br /> winter and into next spring. <br /> Financial Impact <br /> EDA funds will cover approximately$1.4 million of the development costs. The funds will be recouped through <br /> the sale of the developable industrial property created by this project. <br /> Mission/Policy/Goal <br /> ■ Adds developable industrial land within city limits. <br /> Attachments <br /> ■ Agreement <br /> ■ Sketch plan <br /> The Elk River Vision P O N E R E o s Y <br /> A welcoming community avith revolutionary and spirited resourcefulness, exceptional [NAWRE <br /> service, and community engagement that encourages and inspires prosperity. Updated.August 2020 <br />