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,ty of <br /> <br />**ITem 3.2** <br /> <br />iver <br /> <br /> TO: <br /> <br />/~-F~ROM: <br /> <br /> DATE: <br /> <br /> SUBJECT: <br /> <br />MEMORANDUM <br /> <br />Mayor & City Council <br /> <br />Paul Steinman, Director of Economic <br />Development <br /> <br />December 14, 1998 <br /> <br />Consider Resolution 98- Approving <br />Administrative Budget Modification - <br />Tax Increment District No. 18 <br /> <br />Consider Resolution 98- Approving Administrative Budget <br />Modification - Tax Increment District No. 18 <br /> <br />Issue <br /> <br />The issue for the City Council to consider at this time is a resolution <br />approving an administrative budget modification to the Tax Increment <br />Financing Plan for Tax Increment District No. 18. A public hearing and <br />county/school district notification process is not required for this budget <br />modification due to the fact that the total maximum tax increment <br />expenditures are not proposed to change. This budget modification simply <br />redistributes the costs within the previously adopted budget. <br /> <br />Background <br /> <br />TIF District No. 18 was established to aid in the development of the Morrell <br />Companies project. The project is currently moving forward, thereby making <br />it appropriate to adopt a more specific budget for this District. <br /> <br />The current budget is as follows: <br /> <br />· Land acquisition <br />· Site improvements <br />· Pubhc improvements (includes local contribution) <br />· Interest <br />· Administration (up to 10 percent) <br /> Total <br /> <br />$0 <br /> 300,000 <br /> 355,000 <br /> 25,000 <br /> 68,000 <br /> <br />$748,000 <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 />