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• the McChesney Industrial Park, thereby increasing local employment <br /> opportunities and preserving and enhancing the local tax base of the <br /> State of Minnesota. <br /> C. DEVELOPMENT PROGRAM <br /> 1. Overview <br /> Marketech, Inc., 16864 Highway 10, Elk River, Minnesota, <br /> seeks Tax Increment Financing assistance to support its <br /> proposed construction of a 9,324 square foot facility in the <br /> McChesney Industrial Park. <br /> The Tax Increment funds will be used to reimburse Marketech, <br /> Inc., for the acquisition of the development site. <br /> 2. Property Included in Tax Increment Financing District No. 12 <br /> The legal descriptions of the properties included in TIF District <br /> No. 14 are as follows: <br /> Lot 6, Block 1, McChesney Industrial Park (PID No. 75- <br /> 433-0150) <br /> Lot 7, Block 1, McChesney Industrial Park (PID No. 75- <br /> 433-0160) <br /> • Attached as Exhibits B-1 and B-2 are maps showing the exact <br /> location of the property included in Tax Increment Financing <br /> District No. 14. <br /> 3. Property to be Acquired by the Authority <br /> No property will be acquired by the Authority. <br /> D. DEVELOPMENT ACTIVITIES <br /> 1. Development Overview <br /> Marketech, Inc., proposes to construct a new facility containing <br /> approximately 9,324 square feet on Lots 6 and 7. The new <br /> facility will have a finished market value estimated at $400,000. <br /> Construction may begin during the summer of 1996 and will be <br /> completed by December 31, 1996. <br /> Marketech, Inc., currently employs 22 persons at its two leased <br /> spaces in Elk River. As a result of the expansion, approximately <br /> 13 new full-time jobs will be created by Marketech, Inc., in the <br /> next three years. <br /> • <br />