5.13 PCSR 05-23-1995 - Laserfiche WebLink

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C. DEVELOPMENT PROGRAM 1. Overview Neos, Inc., 12797 Meadowvale Road, Suite B, Elk River, Minnesota, seeks Tax Increment Financing assistance to support its proposed construction of a 16,000 square foot facility in the McChesney Industrial Park. The Tax Increment funds will be used to "write down" the acquisition of the development site. In addition, funds will be used for site preparation and site development costs. 2. Property Included in Tax Increment Financing District No. 12 The legal descriptions of the properties'included in TIF District No. 12 are as follows: Lot 6, Block 1, McChesney Industrial Park (PID No. 75- 433-0150) Lot 7, Block 1, McChesney Industrial Park (PID No. 75- 433-0160) Attached as Exhibits B-1 and B-2 are maps showing the exact • location of the property included in Tax Increment Financing District No. 12. 3. Property to be Acquired by the Authority Lots 6 and 7, Block 1, McChesney Industrial Park are proposed for acquisition by the Economic Development Authority for the City of Elk River, Minnesota. Subject to the terms and conditions of a Contract for Private Development, Lots 6 and 7, Block 1, McChesney Industrial Park will be conveyed to Neos, Inc. D. DEVELOPMENT ACTIVITIES 1. Development Overview Neos, Inc., proposes to construct a new facility containing approximately 16,000 square feet on Lots 6 and 7. The new facility will have a finished market value estimated at $585,000. Construction may begin during the summer of 1995 and will be completed by the winter of 1995. Neos, Inc., currently employs 5 persons at its leased space at the 12797 Meadowvale Road facility. As a result of the expansion, approximately 6 new full-time jobs will be created by Neos, Inc. • In addition, the business incubator component of this facility is expected to create 10 full-time jobs and retain another 11 positions.