5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

Home Browse Search

EDA Agenda Memo July 12, 1999,Meeting Page 3 • Background The city's bond attorney is recommending approval of the attached resolution to formalize the process of using tax increments from District No. 19 to pay$630,000 of the bonds that were sold on June 28, 1999. This is the cost of construction of the lift station within TIF District No. 19 and has always been an anticipated tax increment expenditure from this District. The reason the EDA is being asked to consider this resolution is because TIF District No. 19 is a "EDA" TIF District, meaning it was initiated by the EDA. Since the council is the entity selling the bonds, there needs to be some surety that the EDA agrees it will allow tax increments to be used to repay a portion of these bonds. Recommendation Staff recommends approval of Resolution 99- approving and authorizing a tax increment pledge agreement. 7. Consider Approval of Contract for Private Development Regarding TIF District No. 19 Issue The issue to be considered by the EDA at this meeting is to approve the attached Contract for Private Redevelopment by and between the Economic Development Authority in and for the City of Elk River and Associated Investors of Elk River,Inc., Fischer Sand and Aggregate, LLP, and Elk River Business Park, LLC. Background City staff and City Attorney Peter Beck have been working with the commercial and industrial developers for approximately the past six months to bring this redevelopment contract to the EDA for its consideration. The enclosed contract is not in execution form and will likely require additional minor modifications prior to execution by all parties. Staff is recommending the EDA authorize execution of this contract for private redevelopment, understanding that such language modifications may be required prior to execution. •