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of <br /> TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> 1kRiver FROM: WILLIAM RUBIN, ED COORDINATOR V <br /> DATE: FEBRUARY 3, 1993 <br /> SUBJECT: TAX INCREMENT FINANCING ASSISTANCE <br /> (Tescom Corporation, Inc. ) <br /> INTRODUCTION <br /> Tescom Corporation, Inc. , 12616 Industrial Boulevard, seeks an <br /> alternative site for its expansion project. This request is <br /> outlined in greater detail in a February 1st letter from Tescom <br /> Vice President, Ed Cunnington. <br /> An alternative site is sought largely as a result of Tescom <br /> completing soil borings and analysis on the vacant parcel <br /> adjacent to its existing facility. This is the property the <br /> EDA intended to convey to Tescom. Based on the borings and <br /> uncertainties with potential wetland mitigation, an alternative <br /> site is required to accommodate Tescom's expansion. This, in <br /> turn, requires the preparation of a new Tax Increment Financing <br /> (TIF) Plan. <br /> • <br /> BACKGROUND <br /> In June, 1992, the EDA and City Council developed a TIF Plan at <br /> the request of Tescom in order to assist the company with its <br /> proposed 30,000 square foot expansion project. The TIF Plan <br /> was subsequently approved by the City Council on August 3, 1992 . <br /> Because an alternative site is now pursued, resulting in <br /> substantially different TIF budget numbers, the preparation of <br /> a new TIF Plan is required. Below is a proposed timetable to <br /> complete the Tescom TIF Plan: <br /> February 8 - EDA authorizes the development of a TIF <br /> Plan; EDA schedules a public hearing to <br /> consider the TIF Plan; EDA also recommends <br /> that the City Council authorize a public <br /> hearing to consider the adoption of a TIF <br /> Plan. <br /> February 8 - City Council sets public hearing date to <br /> consider TIF Plan. <br /> Mid February- TIF Plan is sent to School District and <br /> • County. <br /> February 16/17 - County Board Meeting. <br /> 720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />