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/ of <br /> <br />**ITEM 3.4. ** <br /> <br />MEMORANDUM <br /> <br />iver <br /> 7~FROM: <br /> DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />October 14, 1997 <br /> <br />Public Hearing for TIF District No. 17 <br /> <br />Issue <br /> <br />The purpose of this agenda item is to set in motion a schedule for the <br />establishment of Tax Increment Financing District No. 17. This issue has <br />come before the Economic Development Authority and a motion has been <br />unanimously supported asking that the City Council call for a public hearing <br />to be held on February 17, 1998, at 6 p.m., for the establishment of Tax <br />Increment Financing District No. 17. <br /> <br />A tax increment application has been received from Dave Decker in the <br />amount of $160,000, to be used to complete a light industrial/manufacturing, <br />multi tenant building on east Highway 10. The building is described as <br />having an initial phase of 25,000 square feet with the potential of adding an <br />additional 45,000 square feet in phase two. Mr. Decker's tax increment <br />application will be discussed in detail at the November EDA meeting. <br /> <br />Recommendation <br /> <br />Staff recommends that Resolution 97- __ be approved calling for a public <br />hearing to be held on February 17, 1998, at approximately 6 p.m., for the <br />establishment of Tax Increment Financing District No. 17. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />