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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Executive Director Pat Klaers <br /> DATE: June 10, 1996 <br /> SUBJECT: Contract for Private Development <br /> between City/EDA and McChesney <br /> Cabinets <br /> Associated with TIF projects is a Contract for Private Development and the <br /> Note that is entered into between the City/EDA and the company receiving <br /> city assistance. This Developer's Agreement further outlines the <br /> commitments being made by both parties. The commitment by the city is to <br /> repay tax revenue as it is received up to $35,000. The commitment on the <br /> company's part is to construct a 10,000 square foot facility of approximately <br /> • $300,000 in value and to create two new jobs within the next three years. <br /> This Contract is still being drafted and is not attached. This Contract will be <br /> sent out to the EDA prior to the special meeting on June 17, so that it can be <br /> reviewed, and hopefully approved, by the EDA at that meeting. <br /> eda\meetings\cfpd <br /> 13065 Orono Parkway • P. O. Box 490• Elk River, MN 55330-1743 • (612) 441-7420• Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />