EDSR MEMORANDUM 11-10-1997 - Laserfiche WebLink

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EDA Agenda Memo November 10, 1997 Page 3 • Items scheduled for completion November/December, 1997: • November 10, 1997 EDA approves plan modification • November 12, 1997 Elk River Star News publishes hearing notice and map • December 1, 1997 City Council holds public hearing on the modification of Tax Increment Financing District No.5 and passes resolution approving plan modifi- cation • December 2, 1997 Send plan to County/State for certification Attached to this memo is a copy of the actual plan modification. As indicated in the Estimate of Public Costs - Project Costs Summary, expenditures for land acquisition and public improvement costs total approximately $225,000. It appears from discussions with the Finance • Department that excess funds in TIF District No. 5 will be between $180,000 and $225,000 at the end of 1997. The plan modification will allow for the expenditure of these excess dollars to purchase property or complete public improvements anywhere within the boundaries of Development District No. 1 (city limits of City of Elk River). Recommendation Staff recommends that the EDA approve the modifications to Tax Increment Financing Plan for Tax Increment Financing District No. 5 as attached, which includes a new estimate of public costs for land acquisition and public improvements in an amount not to exceed $225,000. 7. Tax Increment District No. 17 Concept Approval -Dave Decker Issue Dave Decker has provided an application requesting$160,000 in tax increment funds to develop a 25,000 square foot industrial facility on east Highway 10 in Elk River. The purpose of this agenda item is to provide concept approval of Mr. Decker's TIF application in order to proceed with the schedule for establishment of Tax Increment District No. 17.