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At an EDA workshop in January, Commissioners reviewed the merits of <br /> Screating new TIF Districts in Elk River. Commissioners concluded by <br /> indicating they would evaluate each TIF request on a case by case basis. <br /> Criteria to evaluate these requests included type of user, number of jobs <br /> created or retained, and finished product. It is believed that the <br /> Mowry/Neos, Inc., request achieves these factors. <br /> The $80,000 TIF request is broken down with $60,000 attributable to land <br /> acquisition and $20,000 for site development. The two lots contain 2.19 acres <br /> - for a value of nearly .63¢ per square foot. This is considered a market value- <br /> based transaction. Site preparation costs are reimbursed based on expenses <br /> incurred. <br /> Below is a proposed timetable to complete this request for TIF assistance: <br /> May 8 EDA authorizes the preparation of a TIF Plan for the Neos, Inc., <br /> project; EDA also recommends that the City Council authorize a <br /> public hearing to consider the adoption of the TIF Plan. <br /> Further, the EDA authorizes a 90-day option agreement with <br /> the owner of the lots in the McChesney Industrial Park. Lastly, <br /> the EDA authorizes a public hearing to consider the resale of <br /> these sites to Mowry/Neos, Inc. <br /> • <br /> May 8 - City Council sets public hearing date to consider TIF Plan. <br /> Mid May TIF Plan is sent to School District and County Board for review <br /> and comment. <br /> May 16 County Board meeting. <br /> May 23 - School Board meeting. <br /> May 23 Planning Commission reviews TIF Plan. <br /> May 31 EDA TIF hearing notice published in the Star News; <br /> City Council TIF hearing notice published in the Star News; <br /> EDA land sale hearing notice published in the Star News. <br /> June 12 EDA conducts public hearing and adopts TIF Plan; <br /> EDA conducts public hearing on land sale. <br /> June 19 - City Council conducts publichearing on TIF Plan. <br /> • <br />