3.3. SR 12-14-1998 - Laserfiche WebLink

Home Browse Search

ity of River TO: FROM: DATE: SUBJECT: MEMORANDUM Item Mayor & City Council Paul Steinman, Director of Economic Development December 14, 1998 Consider Resolution 98- Requesting a Public Hearing for TIF District No. 21 Consider Resolution 98- Requesting the Council to Call a Public Hearing for TIF District No. 21 Issue The City Council is being requested at this time to consider calling a pubhc hearing for the estabhshment of a new economic development tax increment district in the West Business Park. This would be Tax Increment Financing District No. 21. Background Several months ago the EDA discussed a concept for a West Business Park project with a company planning to expand out of Minneapolis. That project did not proceed. Since that time, however, staff has discussed a similar concept with a company looking at Elk River to expand its business operations. This company has now made formal application to the city/EDA for tax increment financing and a micro loan to aid in their planned expansion project in the Elk River West Business Park. The purpose of this agenda item is to start the tax increment schedule and to authorize staff to begin to prepare the necessary documents and plans to put a tax increment district in place. The EDA will plan several future opportunities to discuss the specific tax increment plan and details of the development agreement with the business prospect. The incentive package concept being discussed at this time is as follows: · 6 acres of land provided by the EDA up-front to the project · Allowance for site improvements/grading/fill $280,000 (app.) 25,000 13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425