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ity of <br /> <br />iver <br /> <br />ITEM 4.2. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />August 24, 1998 <br /> <br />Tax Increment Financing District No. <br />20 - Public Hearing <br /> <br />Issue <br /> <br />This issue pertains to the final step in formation of a tax increment financing <br />district to facilitate an industrial project in the Elk River Industrial Park <br />(Supermats, Inc.). This final action is to hold a pubhc hearing to allow an <br />opportunity for pubhc comment and then consider Resolution 98-__ which <br />approves the Tax Increment Plan for the District. <br /> <br />The EDA took action to approve this Tax Increment Plan at its meeting on <br />August 10, 1998. <br /> <br />Background <br /> <br />Staff has been working with Supermats for approximately 1V2 years to <br />facilitate expansion of their initial pilot manufacturing plant here in Elk <br />River. They have been leasing space in the Elk River Industrial Park for <br />approximately one year and now have determined that they will proceed to <br />construct an approximately 37,000 square foot building on a lot in the Elk <br />River Industrial Park. This last remaining lot is owned by the EDA at this <br />time. <br /> <br />Tax Increment Plan for Tax Increment District No. 20 will allow the EDA to <br />facilitate this project through provision of the lot to the project at no cost to <br />the developer. This will provide equity to the Supermats project in the <br />amount of approximately $70-$75,000. <br /> <br />The EDA will be taking action on a Development Agreement with Supermats <br />at its September meeting. This pubhc hearing and consideration of the <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 />