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• To support the request for assistance, the EDA proposes to create an Economic <br /> Development TIF District. New property taxes generated by the 15,000 square foot <br /> facility would be "captured"by the EDA/City in order to pay back the $150,000.00 TIF <br /> grant. It is estimated that the TL Feeding TIF District would last approximately eight(8) <br /> years. The new property taxes(otherwise known as the tax increment)would be collected <br /> for six(6)years- 1998 through 2003, inclusive. <br /> The 15,000 square foot facility will likely be constructed of pre-cast tip-up panels, <br /> consistent with the design standards of the 1994 Business Park Ordinance. In addition, <br /> the three acre parcel will readily accommodate future expansions. It is estimated that the <br /> project will have an initial finished market value(land and building) of$625,000.00. <br /> ACTION REQUESTED <br /> The Elk River Planning Commission is asked to adopt the attached resolution which finds <br /> that the proposed TIF Plan is consistent with the City's Comprehensive Land Use Plan. <br /> The Planning Commission's resolution and findings will then be forwarded to the City <br /> Council for consideration at its September 18 public hearing. <br /> • <br /> s:\eda\pla.doc <br /> • <br />