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Mr. David Loch <br /> August 11, 1998 <br /> Page 7 <br /> In conclusion, I feel strongly that without the use of tax increment, the city of <br /> Elk River would not be able to attract quality industrial businesses. Every <br /> quality industrial prospect knows that it is a marketable product to almost <br /> every municipality in the state of Minnesota. When such a prospect presents <br /> its request for TIF assistance to our Economic Development Authority, we all <br /> realize that this prospect will receive an identical TIF assistance package in <br /> Ramsey or Rogers. We then are faced with a decision to: <br /> • Say no and make a point about the use of tax increment and then <br /> watch the project go to either Rogers or Ramsey <br /> • Say yes and in 9 years, or sometimes up to 25, reap the benefits of <br /> the additional tax base which would not have been here in <br /> Sherburne County without the initial use of tax increment. <br /> The industrial prospects are driving the use of tax increment in the state of <br /> Minnesota, not municipalities. Industrial prospects know that TIF is <br /> available and will only discuss their project with communities that are <br /> willing to utilize this tool for their benefit. Saying no to TIF at this point will <br /> have a detrimental effect upon the future tax base of the city and Sherburne <br /> County. Quality industrial projects are unlikely to occur anywhere <br /> in Sherburne County without the use of tax increment financing. <br /> • If you have any questions or comments about tax increment or any other <br /> economic development issues, please feel free to call me at 441-4905. Thank <br /> you for your time and attention to this matter. <br /> S- ► ely, <br /> Paul T. Steinman <br /> Director of Economic Development <br /> PTS:akh <br /> c: City Council <br /> Economic Development Authority <br /> • <br />