3.5 EDSR 10-20-2014 Elk -.-- Request for Action
River
To Item Number
Economic Development Authority 3.5
Agenda Section Meeting Date Prepared by
Consent October 20, 2014 Jeremy Barnhart, Deputy Director, COD
Item Description Reviewed by
Natures Edge Business Center Second addition
funding authorization
Reviewed by
Action Requested
Approve, by resolution, the transfer of$208,313.70 to the City to pay park dedication and surface water
management fees.
Background/Discussion
Last month, the City Council approved the final plat of Natures Edge Business Center, second addition.
Prior to release of the plat for recording, the park dedication and other fees must be paid. These fees,
based on intended use of the property, are as follows:
Park dedication/ surface water management
Lot description Size Use Park dedication Storm water
Lot 1 Block 1 6.29 Commercial $ 46,822.76 $ 8,095.23
Lot 2 8.51 Industrial $ 21,147.35 $ 10,952.37
Lot 1 Block 2 7.24 Commercial $ 53,894.56 $ 9,317.88
Lot 2 6.95 Industrial $ 17,270.75 $ 8,944.65
Lot 1 Block 3 3.65 Commercial $ 27,170.60 $ 4,697.55
$ 166,306.02 $ 42,007.68
I $ 208,313.70
Industrial rate, park $ 2,485.00
Commercial rate,park $ 7,444.00
Surface water rate $ 1,287.00
P O W E R E D 111
Template Updated 4/14 NATUR
This is in addition to the $268,000 transferred in September. This transfer represents an increase of
$476.313.70, over their original budgeted amount. Much of the EDA's increase is due to the lower than
expected DEED grant ($500,000). After transfers are completed, $377,959.06 will remain in the EDA
cash reserves.
Transfers between taxing authorities should be completed via resolution. A resolution detailing the
transfer of the $208,313.70 is attached.
Financial Impact
$208,313.70 from the EDA Cash reserve.
Attachments
• Resolution approving transfer
N:\Departments\Community Development\Economic Development\Is DA\Admtntstrattve\Agenda\EDA Agenda Packets\Year2U14\1U-20-
2014\3 5 sr Budget amendment 10-20-14 docx
City of
1.4*..,
Elk
River
Resolution 14-06
A Resolution of the Economic Development Authority of the City of Elk
River, Transferring funds to the City of Elk River
WHEREAS, the City of Elk River is developing property it owns as Natures Edge
Business Center (NEBC) for community and economic development purposes; and,
WHEREAS, the City of Elk River requires the payment of certain development fees,
including park dedication and surface water management; and,
WHEREAS, the Economic Development Authority (EDA) desires to facilitate the
construction of NEBC by financing the public improvements for NEBC.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
in and for the City of Elk River, Minnesota, that
1. The EDA finds that the development of NEBC will facilitate economic development
growth in the city by making additional land available for industrial and commercial
development.
2. The EDA agrees to transfer$208,313.70 ,000 from the EDA to the City Street Reserve
Fund for the express purpose of Park dedication ($166,306.02) and Surface Water
Management ($42,007.68) funding the NEBC development.
Passed and adopted this 20th day of October, 2014.
ECONOMIC DEVELOPMENT
AUTHORITY IN AND FOR
CITY OF ELK RIVER
Dan Tveite, EDA President
ATTEST:
Jeremy Barnhart, EDA Interim Executive Director
PBNEHEO BI
NATURE