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~ity of <br /> <br />iver <br /> <br />MEMORANDUM <br /> <br />Item # 3-~- <br /> <br /> TO: <br /> <br />f FROM: <br /> <br /> DATE: <br /> <br /> SUB,JECT: <br /> <br />Mayor and City Council <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />July 1, 1998 <br /> <br />Resolution calling public hearing for <br />TIF No. 20 (Supermats, Inc.) <br /> <br />Consider Resolution 98- <br /> <br />No. 20 <br /> <br />Calling a Public Hearing for TIF District <br /> <br />Issue <br /> <br />This is the first City Council action which is necessary in the case of <br />establishing a tax increment district to begin the schedule and process <br />of completing a tax increment plan. <br /> <br />Overview <br /> <br />In July 1997, the EDA purchased the last remaining lot in the Elk <br />River Industrial Park for approximately $65,000. The EDA now has a <br />request before it to provide this lot at a zero land cost to the developer <br />for the development of an industrial project. Supermats, Inc. has <br />submitted a tax increment financing application along with payment <br />of $5,000 to process such request. Supermats, Inc. is proposing the <br />construction of an approximately 35,000-40,000 square foot building <br />on this 2.39 acre lot. Supermats is the manufacturer and distributor <br />of rubber mat products made from recycled tires. Staff began working <br />with Supermats over a 18 months ago to find them a location to lease <br />space here in Elk River. At that'time it was made known that the <br />company would eventually want to construct and own its own facility. <br />Supermats is currently located in a 5,000 square foot leased space in <br />the building located behind E & O Tool. They also have <br />approximately 13,000 square feet of space in Brooklyn Center. <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 />