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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> FROM: WILLIAM RUBIN, ECONOMIC DEVELOPMEMT COORDINATOfI( f�1 <br /> DATE: OCTOBER 21 , 1993 <br /> SUBJECT: AGENDA MEMO FOR OCTOBER 25 , 1993 SPECIAL MEETING <br /> 2. REQUEST FOR EXCLUSIVE OPTION <br /> At its meeting on October 18th, City Councilmembers heard at <br /> presentation by Ms . Linda Fredrickson, Marketing Images , 15185 <br /> 197th Avenue N.W. , Elk River. Ms . Fredrickson made a presentation <br /> to the Council regarding her dream for a dinner theater on the <br /> EDA Main Street redevelopment site. Following this presentation, <br /> the City Council scheduled a public hearing for December 13, <br /> 1993 , to consider the Tax Increment Financing Plan for Tax <br /> Increment District No. 12 (the Kjellberg retail facility <br /> project) . <br /> • <br /> Following additional discussion on the. Kjellberg request and <br /> the Fredrickson presentation, it was stated by the City Council <br /> that the Bruce Company, the developer of the Kjellberg project, <br /> did not possess exclusive control on the EDA property. As a <br /> result, it would be possible for the EDA City to hear other <br /> development proposals on the EDA site . To remedy this , Mr. <br /> Chris Bulow of the Bruce Company, has requested an exclusive <br /> option on the EDA site . This will allow the developer to <br /> control the property as the redevelopment project makes its way <br /> through the review process , etc . <br /> ACTION REQUESTED <br /> The Elk River EDA is asked to grant an exclusive option on the <br /> EDA Main Street Redevelopment site to the Bruce Company; provided <br /> that the Bruce Company agrees to give up said option if, say, <br /> the TIF request for District No . 12 is denied. <br /> 4 . REFUND OF TIF APPLICATION FEES <br /> In 1991 , the Elk River City Council , its EDA, and its HRA <br /> approved a tax increment financing policy for the City of Elk <br /> River (preamble attached) . The policy requires a $5 , 000 non- <br /> refundable application fee. The fee was subsequently revised <br /> in 1992 to equal ten percent of the tax increment requested up <br /> • to a maximum fee of $5 , 000 . <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />