EDSR MEMORANDUM 11-10-1997 - Laserfiche WebLink

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•rof E1k Ri ver October 13, 1997 Chuck Christian C-K Christian & Kinghorn, Inc. 21000 Rogers Drive Rogers, Minnesota 55374 RE: WEST BUSINESS PARK - ELK RIVER Dear Mr. Christian: At your request I am sending you this letter regarding our conversations about potential development in Elk River's West Business Park. As • indicated, the City of Elk River would give serious consideration to providing an up-front tax increment incentive to your projects on the Gagne property. This is based upon the assumption that these projects are eligible uses under the current tax increment financing laws of the State of Minnesota. Such qualifying uses include manufacturing, warehousing, storage and distribution, and research/development. Since our meeting, I have had discussions with the Economic Development Authority and City Council members regarding this issue. All have supported the concept of providing an up-front incentive in order to move this project forward. We have already began to examine various options to provide the necessary level of up-front funding for this project. These options currently include an internal financing mechanism or selling bonds. I would suggest that the most appropriate method to proceed with this issue is for you to confirm interest from your business prospects, and then proceed with a tax increment financing application. This application process generally takes approximately 90 days, so it is best that it be started as soon as possible if you are looking at a spring construction start date. I have attached a tax increment application for your review. • This letter is not to be considered a commitment to financing in the manner discussed above, but rather is intended to show that the City will give serious 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330•TDD &Phone: (612) 441-7420 • Fax: (612) 441-7425