Laserfiche WebLink
ICY <br /> )"'' <br /> GIS <br /> • � \ At_\f, , <br /> 1 I1 R <br /> PELSTRING CAPITAL CORPORATION <br /> 4205 Lancaster Lane North AD Suite 1100 Ito Minneapolis,MN 55441 <br /> February 4, 1998 <br /> Mr. Paul Steinman <br /> Economic Development Authority <br /> City of Elk River <br /> 720 Dodge Avenue <br /> Elk River, MN 55330 <br /> Re: Associated Developers of the Twin Cities <br /> Dear Mr. Steinman: <br /> Our firm has been retained to assist with the potential development of the 108-acre parcel at <br /> • <br /> the intersection of Highway 10 and Highway 169. On behalf of Associated Developers of the <br /> Twin Cities, Inc., we would like to request consideration by the Elk River Economic <br /> Development Authority to consider establishment of the development site as a <br /> Redevelopment Tax Increment Financing District. <br /> Attached for your review is a completed TIF application and supporting documentation, which <br /> justifies the developer's request for $2,863,000 (net present value) of TIF assistance. An <br /> integral part of this application is the ability of the Elk River Economic Development Authority <br /> to utilize funds from this district to control and develop a 40-acre industrial/business park <br /> immediately adjacent to the site. <br /> BACKGROUND <br /> Associated Developers gained control of the 68-acre parcel of property with the intention of <br /> developing a major commercial center. The site is particularly difficult to develop as the City <br /> will need to extend utilities to the site, there are significant wetlands which must be <br /> reconfigured and mitigated, there are numerous utility/pipeline easements which inhibit the <br /> development, and there is a sizable mobile home park which will require additional <br /> acquisition costs. <br /> S <br /> (612)550-7980 Az 800-642-6258 Giro(612)550-9221 Fax GAD pelstring@earthlink.net <br />