Informational Item 02-09-2015
Request for Action
To Item Number
Economic Development Authority
Agenda Section Meeting Date Prepared by
AllFebruary 9, 2015Jeremy Barnhart, Deputy Director, CODD
Item Description Reviewed by
Worksession information
Closed session information
Reviewed by
Action Requested
Receive information
Background/Discussion
Worksession
The work session is scheduled to review the Business Subsidy rules and regulations generally, and Tax
Abatement and Tax Increment Financing in particular, and how they are used in Elk River. Mikaela Huot
of Springsted will provide a 20-30 minute discussion. No action is suggested.
Closed Session
The closed session is held to discuss the asking price of seven parcels owned by the City or the EDA.
The parcels are shown on the attached map.
Lot 1, Block 1 Fox Haven Commercial (A)
Lot 2, Block 1 Fox Haven Commercial (B)
Lot 1, Block 1, Northstar Business Park (C)
Lot 1, Block 2, Northstar Business Park (D)
Lot 1 Block 2 Natures Edge Business center second addition (H)
Lot 2 Block 2 Natures Edge Business center second addition (I)
Lot 1, Block 3, Natures Edge Business center second addition (G)
These asking prices will be the starting negotiation point for the sale. The EDA and City Council will
approve the final sale amount. More information will be presented at the meeting.
Financial Impact
N/A
Attachments