EDSR MEMORANDUM 10-14-1997 - Laserfiche WebLink

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EDA Agenda Memo October 14, 1997 Page 3 111 Venture Network Program. Attached in this packet are sample summaries of approximately 25 businesses which have been showcased through this program since June of 1997. These samples provide a good synopsis of the types of companies which are being presented through this program and should help the EDA measure the value of its potential involvement in this program. Mr. Kirscht and Mr. Welch will make a brief presentation to the EDA and then will be available for questions and comments. 8. TIF Application Dave Decker The purpose of this agenda item is to set in motion a schedule for the establishment of Tax Increment District No. 17. This issue will come back to the EDA at its meeting on November 10 for a more in depth discussion of this tax increment request. ;Mr. Dave Decker has submitted a tax increment application for $160,000 to complete a light industrial/manufacturing, multi tenant building on east Highway 10. Such building is described as having an initial phase of 25,000 square feet with the potential of adding an additional 45,000 square feet in phase two. Mr. Decker's tax increment application has been received II and is attached. Mr. Decker has also submitted his application fee in the amount of$5,000. Mr. Decker and his general contractor, Mr. Gary Santwire, will be available at the EDA meeting on November 10 to hold a detailed discussion of this tax increment request. Recommendation Staff recommends that the schedule be set in motion by requesting the City Council to call for a public hearing to be held on February 17, 1998, for the establishment of Tax Increment Financing District No. 17. 9. Review Request for.Contribution to Central Minnesota Initiative Fund Attached to this memo is a request from the Central Minnesota Initiative Fund for contributions from member communities. They are requesting a contribution from the City of Elk River based upon a $1.50 per capita in a total amount of$19,929. This amount can be Aft• paid over a three year period, and all contributions will be matched on a dollar for dollar basis by the McKnight Foundation.