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• From the Tescom TIF District, the EDA will collect tax <br /> increment payments from Sherburne County over an estimated <br /> three to four year period. One hundred thousand dollars of <br /> these TIF increments should be earmarked directly to the City <br /> of Elk River. These funds will be used by the City to repay <br /> its funding sources relative to the acquisition of the vacant <br /> parcels in the Industrial Park. <br /> Action Requested <br /> The EDA is asked to pass a motion pledging $100,000 in Tax <br /> Increment Funds from District No. 11 to the City of Elk River. <br /> ITEM 5 . CONVEY TITLE TO TESCOM CORPORATION <br /> The final item for EDA action on this project is to convey <br /> title of Lots 2 and 3, Block 2, Elk River Industrial Park 2nd <br /> Addition by Quit Claim Deed to Tescom Corporation. The Quit <br /> Claim Deed is being prepared by Larkin, Hoffman, Daly, and <br /> Lindgren, and requires the signature of the EDA President and <br /> Executive Director. <br /> Action Requested <br /> • The EDA is asked to authorize the conveyance of Lots 2 and 3, <br /> Block 2, Elk River Industrial Park 2nd Addition to Tescom <br /> Corporation, Inc. This action is subject to the execution of a <br /> Development Agreement with Tescom. <br /> • <br />