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10,000 square foot facility will be captured by the city/EDA in order to pay <br /> • back the $35,000 TIF grant. It is estimated that the McChesney TIF District <br /> will last approximately five years. New property taxes, or the increment, will <br /> be collected for four years. <br /> Action Requested <br /> The Elk River Planning Commission is requested to adopt the attached <br /> Resolution which finds that the proposed TIF Plan is consistent with the <br /> city's Comprehensive Land Use Plan. The Planning Commission's action and <br /> findings will be forwarded to the City Council for its consideration at the <br /> June 10„ 1996, public hearing. <br /> • <br /> III <br /> s:\planning\p c\tif 15 <br />