5.10 PCSR 05-24-1994 - Laserfiche WebLink

Home Browse Search

• d.) To provide financing for public improvements within the Development District as found by the City Council to be necessary or appropriate to meet the purposes of the Development District. The TIF Plans state that tax increment generated by the TIF Districts will be used for public improvements and facilities determined by the City Council to be necessary and appropriate to meet the purposes of the Development Program. The City Council has determined that financing a portion of the Public Library expansion with tax increment funds identified in this Modification is necessary and appropriate to meet the purposes of the Development District, because: a.) The provision of adequate public facilities, including a library facility, is a necessary and appropriate element in the overall development of the City. b.) The financing of a public facility (such as a public library) with tax increment funds in consistent with the TIF Statute, which permits such an expenditure on a facility used for social, recreational, or conference purposes. III 2.) Property to be Acquired - No property is proposed to be acquired by the City in the TIF Districts or within Development District No. 1 as a result of this Modification. 3.) Development Activities - a.) Private Development Activity - No private development activities within Development District No. 1 will occur as a result of this Modification. b.) Public Development Activities - Public development activities will include the construction of an approximately 4,400 square foot expansion to the Elk River Public Library, 413 Proctor Avenue NW. The cost of the expansion and limited remodeling of the existing building is estimated at $550,000, of which approximately $177,000 will be paid by tax increment funds (expansion expenses only). In addition, $51,000 of future tax increment will be pledged to pay debt service on the $255,000 G.O. Tax Increment bond to be issued for this project. •