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Economic Development Agenda Memo <br /> December 14, 1998 <br /> Page 2 <br /> 410 <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 /> District. The proposed budget modification identifies that the city will <br /> use $6,000 of tax increment for this purpose. <br /> Public.Improvements - Staff has proposed two public improvement <br /> projects in the Elk River Industrial Park utilizing tax increment <br /> dollars from TIF District No. 9. These projects include the <br /> construction of a sidewalk on the interior side of Industrial Boulevard <br /> and the modification/rehabilitation of the Elk River Industrial Park <br /> entrance sign. Staff is estimating the cost of construction of the <br /> sidewalk will be approximately $35-$45,000. There is no estimate for <br /> improvements to the Industrial Park signage at this time. <br /> Attachments <br /> • Resolution 98-1 <br /> • TIF No. 9 Budget Modification <br /> Recommendation <br /> Staff recommends approval of the attached Resolution 98- <br /> regarding a budget modification to the Tax Increment Plan for Tax <br /> Increment Financing District No. 9. <br /> 6. Consider Resolution 98- Approving Administrative Budget <br /> Modification - Tax Increment District No. 18 <br /> Issue <br /> The issue for the EDA to consider at this time is a resolution approving <br /> an administrative budget modification to the Tax Increment Financing <br /> Plan for Tax Increment District No. 18. A public hearing and <br /> county/school district notification process is not required for this <br /> budget modification due to the fact that the total maximum tax <br /> increment expenditures are not proposed to change. This budget <br /> modification simply redistributes the costs within the previously <br /> adopted budget. <br />