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ity of <br /> <br />iver <br /> <br /> TO: <br /> <br />_~FROM: <br /> <br /> DATE: <br /> <br /> SUBJECT: <br /> <br />MEMORANDUM <br /> <br />**Item 3.4.** <br /> <br />Mayor & City Council <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />October 12, 1998 <br /> <br />Consider Resolution 98-__ Calling a <br />Public Hearing to Consider a Budget <br />Modification to TIF District No. 9 <br />(Tescom) <br /> <br />Background <br /> <br />The EDA is considering a resolution on October 12, 1998, asking the City <br />Council to call a public hearing to consider a budget modification to Tax <br />Increment Financing Plan for Tax Increment Financing District No. 9. The <br />purpose of this budget modification is to allow the potential of utilizing <br />excess tax increment to complete various minor public improvements in the <br />Elk River Industrial Park. This modification will not affect the length of Tax <br />Increment Financing District No. 9 - it is proposed to be decertified on <br />December 31, 1998. <br /> <br />The proposed public hearing is to be held on Monday, December 21, 1998, at <br />approximately 6 p.m. before the City Council. <br /> <br />Recommendation <br /> <br />Staff recommends approval of Resolution 98- calling for a public hearing <br />to be scheduled on Monday, December 21, 1998 at 6 p.m., to consider a <br />budget modification to the Tax Increment Financing Plan for Tax Increment <br />Financing District No. 9. <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 />