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<br /> <br />Item Description <br /> <br />Consider Parking Easement Agreement with First National <br />Bank of Elk River <br /> <br />Item Number <br />3.4 <br /> <br />Prepared by <br />Heidi Steinmetz, Assistant Director of <br />Economic Develo ment <br />Reviewed by <br />Catherine Mehelich, Director of <br />Economic Develo ment <br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Consent February 6, 2006 <br /> <br />Introduction <br />Construction of the King Avenue parking lot improvement project took place between the months of <br />June-August 2005. The project accomplished the following: <br /> <br />. Added about 70 spaces for downtown customers and employees with the removal of the <br />Municipal Utilities building and the closure of the King Avenue access from Hwy 10 <br />. The east side of the lot was seal coated and the entire lot was re-striped. <br />. The area of the lot owned by First National Bank of Elk River, which includes twenty-three <br />parking spaces and is located immediately adjacent to Main Street along side of the Elk River <br />Meats building was included in the seal coating and re-striping portion of the project <br />. The Street Department produced signage for the lot, identifying the lot as a public lot from Hwy <br />10 and Main Street and designating employee and public parking areas of the lot. <br /> <br />Prior to the project commencing, community input was gathered. The King Avenue parking lot task <br />force made up of downtown business and property owners and one downtown resident, held monthly <br />meetings from January-May 2005. Task force recommendations regarding the project were accepted by <br />the HRA in June of 2005. <br /> <br />Discussion <br />A Parking Easement Agreement between First National Bank of Elk River and the City was developed by <br />the City attorney since First National owns the above referenced portion of the lot. The key requirement <br />of the agreement is found on page 3 in Section 15, which requires the City to designate 23 parking <br />spaces in the King Avenue parking lot for First National employees. <br /> <br />Financial Impact <br />MetroPlains Development, Downtown Revitalization Project developer, paid for the King Avenue <br />parking lot improvement project, therefore covered the cost to improve the portion of the lot owned by <br />First National. <br /> <br />Attachments <br />Parking Easement Agreement <br />