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ity of <br /> <br />Item 4.1. <br /> <br />· <br />lver <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor & City Council <br /> <br />/FROM: <br /> <br />Paul Steinman, Director of Economic <br />Development <br /> <br />DATE: <br /> <br />December 21, 1998 <br /> <br />SUBJECT: <br /> <br />Consider Resolution 98- Approving <br />Budget Modification - Tax Increment <br />District No. 9 (Tescom) <br /> <br />Issue <br /> <br />A public hearing has been advertised and scheduled to be held at <br />approximately 6 p.m., Monday, December 21, 1998, to provide an opportunity <br />for the public to comment on a proposed budget modification to Tax <br />Increment Financing District No. 9. This issue is before the City Council at <br />this time for the purpose of allowing such a public hearing and considering a <br />resolution approving such budget modification. <br /> <br />Background <br /> <br />The proposed modification will increase tax increment expenditures from TIF <br />District No. 9 by a maximum of $90,000. This amount is detailed as follows: <br /> <br />· Land Purchase $24,000 <br />· Administration 6,000 <br />· Pubhc Improvements 60,000 <br /> Total $90,000 <br /> <br />Land Purchase - The city will be using tax increment dollars to <br />reimburse itself for additional costs associated with the land purchase <br />for this project which was completed in the fall of 1993. At that time <br />the project costs did not include a piece of land which was later <br />purchased by the EDA for the project. <br /> <br />Administration - The city has the authority to utilize tax increment <br />dollars to pay a portion of its administrative costs regarding this TIF <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 />