3.8. SR 12-15-1997 - Laserfiche WebLink

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.,y of **Item #3.8** River MEMORANDUM TO: Mayor & City Council ~FROM: Paul T. Steinman, Director of Economic Development DATE: December 15, 1997 SUBJECT: Consider Resolution Calling for a Public Hearing to be Scheduled for Creation of TIF District No. 18 (Morrell Companies) Issue The issue before the City Council at this time is to call for a public hearing to be held on the modification of Development District No. I and the establishment of Tax Increment Financing District No. 18. This tax increment district will be established to provide financial assistance to the Morrell Companies for relocation of their trucking operation from the corner of School Street and Jackson to 171st Avenue. Background The purpose of the attached resolution is to start the process of establishing a tax increment district as provided in the Minnesota State Statutes. Attached also is a preliminary schedule indicating the various meetings and timelines which are to be met for establishment of this tax increment district. Morrell Companies have requested tax increment assistance in the amount of $300,000, which is 15 percent of the projected finished market value of the project - $2 million. The EDA has discussed that the details of this request need to be further examined prior to this level of commitment being made by the City of Elk River. The EDA will be holding a worksession in January to further discuss the details of the Morrell Companies tax increment request. Recommendation Staff recommends approving Resolution 97- calling for a public hearing by the City Council on the modification of Development District No. i and the establishment of Tax Increment Financing District No. 18. This public 13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425