5.0.-14.0. EDSR 04-11-1994 - Laserfiche WebLink

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lines (electrical, storm drainage, etc.) so that the Redevelopment Site • gains an additional 20 feet of Main Street frontage. The General Manager of the Utilities Commission, its President, Vice Chair, and Trustee will be in attendance to discuss this issue and other which may come up as part of this item. 7. Tescom Corporation TIF Reimbursement This is a carry-over item from the March EDA meeting. Staff is anticipating a request for TIF reimbursement from Tescom Corporation as part of the EDA's incentive package. Of the $153,000 in TIF assistance, approximately $53,000 is attributable to general on- site utility extensions and site preparation costs. This amount will be funded "internally" by the EDA and will be recovered along with the land write down costs beginning in 1995. ACTION REQUESTED The EDA is asked to authorize a TIF reimbursement in the amount of $53,000 to Tescom Corporation. • 8. Right of First Refusal(Lot 1, Block 2, Industrial Park 2nd Addition) EDA Commissioners will recall that Tescom Corporation's initial expansion project consisted of three lots in the Elk River Industrial Park. In fact, TIF District No. 9 is comprised of Lots 1, 2, and 3, Industrial Park 2nd Addition. Only Lots 2 and 3 were conveyed to Tescom as part of its expansion project. Recognizing the aforementioned, City staff and representatives from Tescom informally discussed a right of first refusal, or, an option which the company might secure in order to control Lot 1 which is still vacant. This control may take one of several forms: a. Open-ended; b. Exclusive option over a stated time period; c. Right of first refusal over a stated time period. A right of first refusal enables the EDA to continue to market the site to prospective companies, while at the same time, enabling Tescom to control the property until it is ready to expand. If another buyer was identified, and a bonified offer for the purchase of the site was • obtained, the EDA may wish to give Tescom, say, 10 working days to purchase the site or forfeit it to the prospective buyer.