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( ITEM NO b r8��16. <br /> ty of MEMORANDUM <br /> ILRiver TO: Elk River Planning Commission <br /> FROM: William Rubin, ED CoordinatorNy <br /> DATE: December 19, 1995 y <br /> SUBJECT: Proposed Modifications to Tax <br /> Increment Financing Plans No. 2 and <br /> No. 3 <br /> Introduction <br /> On Thursday, December 21, 1995, the Elk River City Council will conduct <br /> two (2) public hearings to consider modifications to Tax Increment Financing <br /> Plans No. 2 and No. 3 respectively. Pursuant to Minnesota Statutes, the <br /> Planning Commission is required to review and comment on each proposed <br /> Tax Increment Financing Plan (or amendment thereto) prior to the City <br /> Council conducting a public hearing. This is done to ensure that the project <br /> • (or proposed TIF Plan modification) is consistent with the city's <br /> Comprehensive Land Use Plan. <br /> Background <br /> If approved, the proposed modifications would allow the expenditure of tax <br /> increment funds for purposes and activities authorized pursuant to <br /> Minnesota Statutes. These expenditures are not currently referenced in the <br /> TIF plan. Specifically, tax increment funds would be spent on business park <br /> and industrial park activities, urban renewal and redevelopment activities, <br /> and municipal infrastructure improvements. Found below is background <br /> information on TIF Plan No. 2 and No. 3. <br /> Tax Increment Financing Plan No. 2 is a housing TIF District that was <br /> established by City Council action in 1985. The TIF District was created on <br /> the Guardian Angels of Elk River, Inc., campus and was designed to <br /> principally benefit the 36-unit apartment complex known as Evans Park <br /> Apartments (please see public hearing notice map which highlights this <br /> district). Guardian Angels received a TIF grant for various infrastructure <br /> improvements, including utility installations, water and sewer connection <br /> charges, parking lot construction, landscaping, curb and gutter, and <br /> sidewalks, etc. The city sold a TIF bond to create a pool of funds for the TIF <br /> grant to Guardian Angels. Following the construction of Evans Park <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />