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111/ C. DEVELOPMENT PROGRAM <br /> 1 . Overview <br /> Kjellberg' s Carpet and Interiors, 16862 Highway 10, <br /> Elk River, Minnesota, seeks Tax Increment Financing <br /> assistance to support its proposed construction of a <br /> 12,000 square foot retail facility in the Elk River <br /> Central Business District. <br /> The Tax Increment funds will be used for site <br /> preparation costs associated with the redevelopment <br /> of the Main Street site. <br /> 2 . Property Included in Tax Increment Financing <br /> District No. 12 <br /> The legal description of the property included in TIF <br /> District No. 12 is as follows : <br /> The West 71.7 feet of Lot 15, Auditor' s <br /> Subdivision No. 4 (PID No. 75-404-0150 and No. <br /> 75-404-0151) <br /> Attached as Exhibits B-1 and B-2 are maps showing the <br /> 410 exact location of the property included in Tax <br /> Increment Financing District No. 12 . <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. The redevelopment site is <br /> currently owned by the Economic Development Authority <br /> and will be conveyed to Kjellberg' s Carpet and <br /> Interiors subject to the terms and conditions of a <br /> Contract for Private Development. <br /> D. DEVELOPMENT ACTIVITIES <br /> 1 . Development Overview <br /> Kjellberg' s Carpet and Interiors proposes to <br /> construct a new retail facility containing <br /> approximately 12,000 square feet on the redevelopment <br /> site. The new facility will have a finished market <br /> value estimated at approximately $625,000 . <br /> Construction may begin during the fall of 1993 and <br /> will be completed by the spring of 1994 . <br /> Kjellberg' s Carpet will occupy approximately 6,000 <br /> square feet in the retail facility. The remaining <br /> 6 ,000 square feet will be leased space. <br />