6.1. SR 11-01-2004 - Laserfiche WebLink

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All of the property within the TIF District No.7 will be acquired by the EDA and conveyed to ERM Properties. ERM Properties has or will have entered into a Redevelopment Agreement and an Assessment Agreement for development of the Redevelopment site, which provides recourse for the EDA if the ERM Properties development is not completed. Development within TIF District No. 7 will include the removal of substandard structures, site preparation, and construction of a 42-unit motel. (As Modified August 13, 1990) On August 13, 1990 the City of Elk River established Tax Increment Financing District No.8, within the Development Program. The Development Program identifies an approximately .38 acre site of property acquired in the TIF Redevelopment District for the construction of a 5,900 square foot dental clinic, along with necessary permanent and temporary easements for public improvements, and is the only property to be acquired in the TIF Redevelopment District. All of the property within the TIF District No.8 will be acquired by the City and conveyed to Jarmoluk. Jarmoluk has or will have entered into a Redevelopment Agreement and an Assessment Agreement for development of the Redevelopment site, which provides recourse for the EDA if the Jarmoluk development is not completed. (As Modified March 8, 1993) On March 8, 1993 the City of Elk River established Tax Increment Financing District No.9, within the Development Program. Tescom Corporation, Inc., proposes to construct a new facility of approximately 30,000 square feet on the Development Property. The facility will have a finished market value estimated at $900,000. The Tax Increment funds will be used to "write down" the acquisition of the development site. In addition, funds will be used to conduct borings and analysis of the property, site survey, and for civil and engineering costs. (As Modified September 8, 1992) On September 8, 1992 the City of Elk River established Tax Increment Financing District No. 10, within the Development Program. Elk Terrace Limited Partnership proposes to construct a 23-unit apartment for occupancy by seniors. The apartment project will have a finished market value estimated at $800,000. The Tax Increment funds will be used to cap utility lines, to demolish existing structures, to grade on the site in preparation for construction, and to pay for or to reimburse then Limited Partnership for public improvements required by the project. (As Modified November 16,1992) On November 16, 1992 the City of Elk River established Tax Increment Financing District No. II, within the Development Program. Timron Precision Gear proposes to construct a new facility containing approximately 10,000 square feet on Lot I. The new facility will have a finished market value estimated at $230,000. The Tax Increment funds will be used to "write down" the acquisition of the development site as an City of Elk River Development Program for Development District No.1 2