EDSR MEMORANDUM 09-08-1997 - Laserfiche WebLink

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EDA Agenda Memo September 8, 1997,Meeting Page 4 Snet increase in the amount of business park and/or industrial property by 300 acres. The discussion within the strategic planning process was that an additional 300 acres of business park and/or industrial property is necessary to be added to the city's inventory in order to provide an area for future growth of the city's tax base over the next 15 to 20 year period. The strategic planning discussion also very clearly indicated a belief that if the areas identified in the plan aren't rezoned to business park/industrial park, a majority of the acreage will be developed as residential. Staff feels it is an appropriate time to reconfirm the EDA's commitment to this aspect of the Economic Development. Strategic Plan, as these other areas come forward for rezoning. The purpose of this item'is to further discuss this issue, specifically from the EDA members who also serve as the Council and Mayor, as they represent four of the five votes necessary to approve these rezoning efforts. 8. Discuss Options for Expenditure of Excess TIF Dollars from TIF District No. 5 Background 41111 TIF District No. 5 Alltool is scheduled to decertion December 31, 1997. It is projected that at the time of decertification this district will have approximately $247,000 in excess. Through approval of a tax increment plan modification, these excess TIF dollars will be available to utilize on eligible TIF`activities anywhere within the city limits of the City of Elk River (Development District boundaries). It is appropriate for the EDA to make recommendations to the City Council for expenditures of these dollars, however, final approval is determined by the Council due to the fact that this TIF District was approved by that body in,June of 1988. The two primary issues which need to be addressed to facilitate this issue are as follows: • Completion of a TIF District budget modification. • Notification of County and School District * Public hearing held * Full disclosure provided on the activities which will be funded through this excess TIF • All excess TIF dollars are to be expended or committed by • December 31, 1997.