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rk,/ ITEMS 3 & 4 <br /> ity of ,/ <br /> MEMORANDUM <br /> lk • <br /> River TO: Economic Development Authority <br /> FROM: Lori Johnson,Asst. City Administrator <br /> DATE: June 17, 1996 <br /> SUBJECT: Public Hearing on Tax Increment <br /> Financing District No. 15 <br /> As you know, the public hearing for this item was rescheduled for June 17. <br /> All of the information was previously distributed to the EDA with the June <br /> 10 packet with the exception of the Contract for Private Development which <br /> is attached for your review. <br /> Briefly, this tax increment financing district involves $35,000 in TIF <br /> assistance to McChesney Cabinets on a pay-as-you-go basis. It is expected <br /> that increment will be collected for four years starting in 1998. <br /> • Action Requested <br /> The EDA is asked to hold a public hearing on Tax Increment Financing <br /> District No. 15, consider the attached resolution relating to the establishment <br /> of Tax Increment Financing District No. 15 and the adoption and approval of <br /> the Tax Increment Financing Plan relating thereto located within <br /> Development District 1. Additionally, the EDA is asked to approve the <br /> Contract for Private Development. <br /> s:\eda\meetings\tiff 51j.doc <br /> • <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />