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ITEM 7. <br /> <br />'ty of <br /> <br />MEMORANDUM <br /> <br /> · <br /> lver <br /> <br />Mayor & City Council <br /> <br /> FROM: <br /> DATE: <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />January 21, 1997 <br /> <br />SUBJECT: Public Hearing - TIF District No. 16 <br /> <br />Issue <br /> <br />A public hearing is scheduled to be held before the City Council on Monday, <br />January 27, 1997, to consider public review and comment on the creation of <br />Tax Increment Financing District No. 16 in the City of Elk River. <br /> <br />Background <br /> <br />In June, 1996, the HRA undertook the purchase of three parcels of property <br />at the corner of King Avenue and Main Street in downtown Elk River. The <br />overall plan includes purchase of the properties, demolition, and resale of the <br />site to developer Dennis Chuba. <br /> <br />In order to facilitate the purchase, demolition, and other costs associated <br />with this project, the Elk River Housing and Redevelopment Authority has <br />completed the Plan for Tax Increment District No. 16 as attached for Council <br />approval. <br /> <br />The anticipated project schedule is as follows: <br /> <br />January 27, 1997 <br /> <br />HRA and City Council approve modifications <br />to the Development Program for <br />Development District No. I and Plan for <br />Tax Increment District No. 16 <br /> <br />· Jan/Feb 1997 <br /> <br />HRA approves demolition bids <br /> <br />· Jan/Feb 1997 <br /> <br />HRA enters into formal development <br />agreement with Dennis Chuba <br /> <br />· July 1, 1997 <br /> <br />TIF District No. 16 certified to county and <br />state <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />