Laserfiche WebLink
relocation sites, including sites outside of the City of Elk <br />River. Alltool has advised the City that it will relocate to <br />Phase II of the Industrial Park if the City assists in the <br />acquisition of land for this purpose. <br /> <br /> The purpose of the TIF District, therefore, is to acquire <br />and correct soil conditions on a development site in Phase II <br />of the Elk River Industrial Park for the relocation of Alltool. <br />This will allow Alltool to remain in and to expand in the City <br />of Elk River, resulting in increased employment in the City and <br />the preservation and enhancement of the City's tax base. The <br />cost of acquiring and correcting soil conditions on this <br />development site will be recaptured from tax increment <br />generated by the new Alltool facility to be constructed on the <br />site. Furthermore, the funds paid to Elk River Associated <br />Investors for purchase of the site will be applied, in part, to <br />the repayment of outstanding special assessments and taxes <br />against the Industrial Park. <br /> <br /> The specific objectives of the TIF District are as <br />follows: <br /> <br /> 1. To provide financing for the acquisition of certain <br />property (specifically identified in Section C.2 below) located <br />within Phase II of the Elk River Industrial Park. <br /> <br />2. To provide financing for the correction of soil <br />conditions on the property identified in Section C.2 below. <br /> <br /> 3. To acquire and correct soil conditions on the <br />property identified in Section C.2 below for conveyance of the <br />property to Alltool Company, to be used by Alltgol for the <br /> <br /> <br />