3.2. SR 07-13-1998 - Laserfiche WebLink

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City of Item # 3.2. MEMORANDUM ver TO: Mayor & City Council FROM: DATE: Paul T. Steinman, Director of Economic Development July 13, 1998 SUBJECT: Hold Public Hearing to Consider a Resolution Approving TIF District No. 19 (Earl Hohlen Project) Issue The issue before the City Council at this time is to consider the attached resolution which makes all of the statutory findings necessary for the establishment of TIF District No. 19. Overview TIF District No. 19 has been proposed by Associated Builders to aid in the redevelopment of the Earl Hohlen property at the southeast corner of 169 and County Road 12. This mixed use project will include a commercial component and an approximate 40 acre business park on the south end of the site. The project area is adjacent to the proposed new transportation corridor which is to connect County Road 12 and Highway 10. Consideration of the attached resolution is the last formal Council action taken to establish TIF District No. 19. The TIF Plan and District ~ be certified to the county and state upon approval of the resolution and, at that point, the tax increment "tool" will be in place for use to stimulate the redevelopment of this project area and construction of a 40 acre business park. The future process of this issue will involve an approximately three to five month time period during which the developer and EDA will proceed with negotiating a tax increment package which will meet the developer's needs and goals of the city. City staff worked closely with the city attorney's office to establish the statutory findings as indicated in the attached resolution. Various measurements were taken by the city engineer's office to determine the 13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425