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opportunities and preserving and enhancing the local tax base of the <br /> • State of Minnesota. <br /> C. DEVELOPMENT PROGRAM <br /> 1. Overview <br /> McChesney Cabinets, 18983 York Street NW, Elk River, <br /> Minnesota, seeks Tax Increment Financing assistance to <br /> support its proposed construction of a 10,000 square foot <br /> facility in the McChesney Industrial Park. <br /> The Tax Increment funds will be used to reimburse McChesney <br /> Cabinets for the value of the development site. <br /> 2. Property Included in Tax Increment Financing District No. 15 <br /> The legal description of the property included in TIF District No. <br /> 15 are is follows: <br /> Lot 9, Block 1, McChesney Industrial Park (PID No. 75- <br /> 433-0180) <br /> Attached as Exhibits B-1 and B-2 are maps showing the exact <br /> location of the property included in Tax Increment Financing <br /> District No. 15. <br /> • <br /> 3. Property to be Acquired by the Authority <br /> No property will be acquired by the Authority. <br /> D. DEVELOPMENT ACTIVITIES <br /> 1. Development Overview <br /> McChesney Cabinets, proposes to construct a new facility <br /> containing approximately 10,000 square feet on Lot 9. The new <br /> facility will have a finished market value estimated at $300,000. <br /> Construction may begin during the summer of 1996 and will be <br /> completed by December 31, 1996. <br /> McChesney Cabinets currently employs two (2) individuals at its <br /> 3,000 square foot space in Elk River. As a result of the <br /> expansion, two (2) new full-time jobs will be created by <br /> McChesney Cabinets in the next three (3) years. <br /> • <br />