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S :/council/tif20mm <br />July 1, 1998 <br />Page 2 <br /> <br />Supermats proposal is to combine its manufacturing, warehousing, <br />and distribution in one location in the Elk River Industrial Park. <br /> <br />In this situation, the ability of the EDA to provide this lot to the <br />developer at zero land cost is a significant incentive. The developer is <br />able to use the equity in the land to minimize its up front dollars into <br />the project. This scenario as it is being proposed in concept to the <br />developer has helped solidify Supermats commitment to complete this <br />project in Elk River. This "instant equity" concept is also no different <br />than what is being offered to companies like Supermats by other <br />communities. <br /> <br />The EDA is considering a resolution at its meeting on 7/13/98 asking <br />the City Council to call this public hearing. <br /> <br />Attachments <br /> <br />· Resolution 98- <br />· Schedule of Activities for TIF No. 20 <br />· Supermats TIFApplication <br /> <br />Recommendation <br /> <br />Staff recommends the Council approve Resolution 98- calling a <br />public hearing for TIF District No. 20 on August 24, 1998, at <br />approximately 6 p.m., in the City Council Chambers at City Hall. <br /> <br />S:/council/tif20mm <br /> <br /> <br />