Laserfiche WebLink
• C. DEVELOPMENT PROGRAM <br /> 1 . Overview <br /> Tescom Corporation, Inc. , 12616 Industrial Boulevard, <br /> Elk River, Minnesota, seeks Tax Increment Financing <br /> assistance to support its proposed 30, 000 square foot <br /> expansion on a vacant lot adjacent to its existing <br /> 34 , 000 square foot facility in the Elk River <br /> Industrial Park. <br /> The Tax Increment funds will be used to "write down" <br /> the acquisition of the development site. In <br /> addition, funds will be used to conduct borings and <br /> analysis of the property, site survey, and for civil <br /> and engineering costs . <br /> 2 . Property Included in Tax Increment Financing <br /> District No. 9 <br /> The legal description of the property included in TIF <br /> District No. 9 is as follows : <br /> Lot 1, Block 2, Elk River Industrial Park 2nd <br /> Addition (PID No. 75-520-0210) <br /> • Lot 2, Block 2, Elk River Industrial Park 2nd <br /> Addition (PID No. 75-520-0220) <br /> Lot 3, Block 2, Elk River Industrial Park 2nd <br /> Addition (PID No. 75-520-0230) <br /> Attached as Exhibits B-1 and B-2 are maps showing the <br /> exact location of the property included in Tax <br /> Increment Financing District No. 9 . <br /> 3 . Property to be Acquired by the Authority <br /> No property is scheduled for acquisition by the <br /> Economic Development Authority for the City of Elk <br /> River, Minnesota. <br /> D. DEVELOPMENT ACTIVITIES <br /> 1 . Development Overview <br /> Tescom Corporation, Inc. , proposes to constuct a new <br /> facility of approximately 30,000 square feet on the <br /> Development Property. The facility will have a <br /> • finished market value estimated at $900, 000 . <br /> Construction is scheduled to begin in March, 1993, <br /> and will be completed by the fall of 1993 . <br />