06-20-1988 - CC MIN - Laserfiche WebLink

Home Browse Search

Page 4 City Council Minutes June 20. 1988 e 6.1. TIF #5 Alltool/Public Hearing Dick Fursman. Economic Development Coordinator. presented TIF Plan #5 to the City Council. He stated that Alltool Manufacturing would like to expand their business. and to facilitate the expansion they will need financial assistance. The new construction will generate in excess of $400.000 in taxes over the next 8 years. The City will use $225.000 to purchase the land for Alltool. Alltool currently employs 125 people and plans on hiring approximately 30 to 50 new employees with the expansion. This project would not be feasible without the use of this program. Mayor Gunkel indicated that the Tax Increment Financing Plan #5 has been submitted to both the School District and the County within the required time limit and that neither have responded to the plan. She further indicated that the Economic Development Coordinator would be attending a County Board meeting to discuss the plan with the County Commissioners. Mayor Gunkel opened the public hearing. There being no one for or against the matter. Mayor Gunkel closed the public hearing. e COUNCILMEMBER SCHULDT MOVED TO ADOPT RESOLUTION 88-47. A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.5. ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. S. AND DIRECTING CITY STAFF TO IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO. S. COUNCILMEMBER DOBEL SECONDED THE MOTION. THE MOTION CARRIED 4-0. 6.1~.Agenda Addition - Mayor Gunkel Mayor Gunkel indicated that she would like to see the City offer some type of help to the businesses that were destroyed in the fire by using the EDA and HRA to the fullest capacity. Dick Fursman. Economic Development Director. indicated that he would be contacting the businesses to offer assistance by the City of Elk River. 6.2. EDA Bylaws COUNCILMEMBER TRALLE MOVED TO TABLE THIS ITEM TO ANOTHER COUNCIL MEETING DUE TO THE FULL AGENDA. COUNCILMEMBER DOBEL SECONDED THE MOTION. THE MOTION CARRIED 4-0. 6.3. Consideration of Special Assessment Deferral Policy Mayor Gunkel indicated that City Staff has been working on a policy relating to the deferral of special assessments. She indicated that for Council consideration was an Ordinance amendment. resolution and application all applying to deferral of special assessments. She noted that the resolution was a form which would be adopted by Council for each deferral case. e COUNCILMEMBER TRALLE MOVED TO ADOPT ORDINANCE 88-17. AN ORDINANCE PROVIDING FOR THE DEFERRAL OF SPECIAL ASSESSMENTS BASED UPON HARDSHIP. COUNCILMEMBER DOBEL SECONDED THE MOTION. THE MOTION CARRIED 4-0.