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<br />. <br /> <br />. <br /> <br />. <br /> <br />Elk River City Council Minutes <br />August 3, 1992 <br /> <br />P~ge 2 <br /> <br />------------------------------ <br /> <br />3.3. Consider 7/29/92 City Council Minutes <br /> <br />COUNCILMEMBER KROPUENSKE MOVED TO APPROVE THE 7/29/92 CITY COUNCIL <br />MINUTES. COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED <br />5-0. <br /> <br />4. Open Mike <br /> <br />No one appeared for this item. <br /> <br />5.1. Tax Increment Financing Plan, Tax Increment Financing District No. <br />9/Public Hearing <br /> <br />Bill Rubin, Economic Development Coordinator, explained that the <br />Economic Development Authority is proposing the creation of Tax <br />Increment District No. 9 for Lot 8, Block 1,) of the Elk River <br />Industrial Park. He stated that Tescom Corporation is requesting tax <br />increment assistance to support an expansion on Lot 8 which is adjacent <br />to its existing facility in the Industrial Park. Bill Rubin indicated <br />that it is proposed that the TIF District would last three to four <br />years. The total budget for the TIF District would be $85,000 and the <br />funds would be used to write down the acquisition price of the land, to <br />remove excess fill that is stockpiled on the lot, and to conduct soil <br />borings and an analysis of the property when the stockpile is moved. <br /> <br />Mayor Tralle opened the public hearing. There being no comments from <br />the public, Mayor Tralle closed the public hearing. <br /> <br />COUNCILMEMBER SCHULDT MOVED TO ADOPT RESOLUTION 92-70, A RESOLUTION FOR <br />THE CITY OF ELK RIVER RELATING TO THE ESTABLISHMENT OF TAX INCREMENT <br />FINANCING DISTRICT NO. 9 AND THE ADOPTION AND APPROVAL OF THE TAX <br />INCREMENT FINANCING PLAN RELATING THERETO, LOCATED WITHIN DEVELOPMENT <br />DISTRICT NO.1. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE <br />MOTION CARRIED 5-0. <br /> <br />5.2. Award Sale of $560,000 G.O. Temporary Improvement Bonds <br /> <br />Mayor Tralle stated that the Council authorized issuance of $560,000 in <br />Temporary General Obligation Improvement Bonds for the Hillside Estates <br />Improvements. <br /> <br />Rusty Fifield of Springsted Incorporated, indicated that Springsted has <br />received the bids for the sale of these bonds. Rusty Fifield stated <br />that the low bidder was FBS Investment Services, Inc. at a net interest <br />rate of 3.7415%. He recommended that the Council accept the low bid <br />from FBS. <br /> <br />COUNCILMEMBER KROPUENSKE MOVED TO ADOPT RESOLUTION 92-71, A RESOLUTION <br />AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS <br />AND PROVIDING FOR THE PAYMENT OF $560,000 GENERAL OBLIGATION TEMPORARY <br />IMPROVEMENT BONDS, SERIES 1992C. COUNCILMEMBER HOLMGREN SECONDED THE <br />MOTION. THE MOTION CARRIED 5-0. <br /> <br />5.3. Tax Forfeited Property <br />