EDSR MEMORANDUM 03-19-1998 - Laserfiche WebLink

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CONSTRUCTION AND DESIGN Name and address of architect. engineer and contractor for project: • Kaare Birkland, Development Consultant, Centres Group. Ltd.. 7500 Highway 55. Suite 180. Minneapolis, MN 55427 Target Dates: Start of Construction: June 1998 Construction Completion: September 2000 Finished Market Value of Project: $ Estimated at $15.800,000 STATEMENT OF PUBLIC PURPOSE Describe why the proposed development or redevelopment would not reasonably be expected to occur solely through private investment within the foreseeable future and therefore the use of Tax Increment Financing is deemed necessary: This project will require redevelopment of the site, i.e., private relocation of an existin• mobile home •. k. The overall estimated site development costs icludin redevelopment, exceed the anticipated future sales value of the property. Tax Increment Financing is required to justify the viability of the project which will result in the creation of the new market value. Additionally, thisproject should facilitate the development of a 40+ acre industrial park by the Elk River Economic Development Authority. • The undersigned, the President of Associated Developers of the Twin Cities. applicant, hereby represents and warrants to the City that he has carefully reviewed this application, and that the statements and information contained herein and submitted herewith are accurate and complete to the best of the undersigned's knowledge and belief. Dated: 2/5/98 Associated Developers of the Twin Cities. Inc. Applicant By Mathias Fischer Its President • The City reserves the right to require additional information and supporting data from the applicant after the filing of this Application.