Laserfiche WebLink
,.-.y of <br /> <br /> · <br />.lver <br /> <br />MEMORANDUM <br /> <br />Item # 4.2. <br /> <br /> TO: <br /> <br />FROM: <br /> <br /> DATE: <br /> <br /> SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />December 1, 1997 <br /> <br />Public Hearing on Modification of Tax <br />Increment District No. 5 <br /> <br />Issue <br /> <br />The purpose of this agenda item is to hold a pubhc hearing as required by <br />state law to modify the Tax Increment Financing Plan for Tax Increment <br />Financing District No. 5 (Alltool). The purpose of this Modification is to <br />allow for the expenditure of approximately $195,000 to $225,000 in excess <br />TIF funds from this Tax Increment District. It is proposed within the Plan <br />Modification, as attached to this report, that the funds be used for land <br />acquisition and/or other pubhc improvements. Staff is currently negotiating <br />with two property owners at this time to accommodate this transaction. <br /> <br />Attachments <br /> <br />· Modifications to the TIF Plan for TIF District No. 5 <br />· City of Elk River Resolution 97 - __ modifying TIF Plan for TIF District <br /> No. 5 <br />· Original TIF Plan for TIF District No. 5 dated June 20, 1988 <br />· City of Elk River Resolution No. 88-47 approving TIF Plan for TIF <br /> District No. 5 <br /> <br />Recommendation <br /> <br />Staff recommends the City Council adopt Resolution 97-__, a Resolution <br />modifying the Tax Increment Financing Plan for Tax Increment Financing <br />District No. 5 in the City of Elk River. <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 />