EDSR MEMORANDUM 02-13-1995 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
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MEMORANDUM
TO: ECONOMIC DEVELOPMENT AUTHORITY
FROM: WILLIAM RUBIN, EXECUTIVE DIRECTO/4\16_
DATE: FEBRUARY 13, 1995
SUBJECT: AGENDA MEMO FOR FEBRUARY 13, 1995
MEETING
5. February Financial Update
This item may be distributed to the EDA at the February 13 meeting.
If not, it will be deleted from the agenda.
6. Resolution Affirming the EDA's Intent to Redevelop its Site
di At a previous meeting, EDA Commissioners and its Executive Director
discussed the merits of transferring ownership of its redevelopment
site in the 600 block of Main Street to the City of Elk River. This
concept was considered based on the following:
• Property held by an EDA for economic development purposes
is considered "tax-exempt"for a limited period of time
(generally not to exceed 6 or 7 years; property held by a
municipality is "tax-exempt" for an unlimited period of time).
• The County Assessor's office plays a substantial role in
determining whether or not property is being held by an
EDA for "economic development purposes".
• Now that the EDA's redevelopment site has been filled and is
landscaped, even though this is done as a interim measure,
someone could suggest that the property is more like a park
than a redevelopment site and therefore, is not being held
for economic development purposes. This could result in the
EDA paying property taxes on its site.
• To avoid the potential taxation issue, perhaps it made sense
for the City to own the interim park site.
EDA Commissioners authorized its Executive Director to contact" the
• Assessor's office for suggestions and insights into this matter. The
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
commercial appraiser was quick to see the dilemma that of the EDA
• owning a redevelopment site that presently looks like a park. It was
agreed that an EDA resolution reaffirming its intent to redevelop its
site would go a long way in eliminating this confusion. Such a
resolution is included in the agenda packet for consideration and
action by EDA Commissioners.
Action Requested
The EDA is asked to adopt the resolution affirming its interest in
developing the EDA site in the 600 block of Main Street.
7. Needs Assessment Report
This item has been outlined in greater detail in the agenda packet.
8. Public/Private Partnership Issues
This item has been outlined in greater detail in the agenda packet.
9. Annual Report
• Please refer to the 1994 Economic Development Department Annual
Report which has been included in the agenda packet.
Action Requested
The EDA is asked to accept the 1994 Annual Report.
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