EDSR INFORMATION 01-12-1998 - Laserfiche WebLink

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INFORMATION of �� k • River December 22, 1997 Mr. David Loch Sherburne County Administrator 13880 Highway 10 Elk River, Minnesota 55330 Distribution: Sherburne County Board of Commissioners Dear Mr. Loch and County Commissioners: SUBJECT: Tax Increment District No. 8 - City of Elk River • Enclosed is a check payable to the Sherburne County Treasurer in the amount of$27,976. These funds are being returned for redistribution to the county, school district, city, and miscellaneous taxing jurisdictions as unspent tax increment dollars from Tax Increment District No. 8 in the City of Elk River. I wish to take this opportunity to inform the County Commissioners of the importance of the use of tax increment financing as a tool to encourage economic development and redevelopment in the city of Elk River. TIF District No. 8 was created in 1990 to help facilitate a redevelopment project at the corner of Main Street and Lowell Avenue in downtown Elk River. The redevelopment project consisted of the acquisition, clearing, and preparation of the site for construction of an approximately 6,000 square foot dental clinic. Such property has a current estimated market value of approximately $600,000. The use of tax increment financing made this project possible, and without it, the project would not have occurred and the site would likely have the same underutilized appearance as it did prior to 1990. Additionally, I can say with some certainty that if the dental office site were not redeveloped, the Elk River Housing and Redevelopment Authority would not have looked favorably upon the acquisition of the adjacent site at the corner of King • Avenue and Main Street. Were it not for these two projects being completed, 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330•TDD &Phone: (612)441-7420• Fax: (612) 441-7425