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( <br /> Item# 6.1. <br /> 111110yof <br /> E1k Ri <br /> ver MEMORANDUM <br /> TO: Planning Commission <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: October 21, 1997 <br /> SUBJECT: Modifications to Tax Increment <br /> Financing District No. 5 (Alltool) <br /> Issue <br /> The purpose of this item is to complete a review of the proposed modifications <br /> to Tax Increment Financing Plan for Tax Increment Financing District No. 5 <br /> • and consider it to be in conformance with the Comprehensive Plan of the City <br /> of Elk River. <br /> Background <br /> The original Tax Increment Financing District No. 5 (Alltool) is scheduled to <br /> decertify on December 31, 1997. The purpose of modification of this District <br /> at this time is to allow for the use of excess funds which have been generated <br /> in that District, to be spent on other eligible activities outside the District. <br /> As identified in the modification, approximately $225,000 is to be used to <br /> facilitate the purchase of industrial land and additionally to pay for public <br /> improvement costs. These two activities are eligible activities under the <br /> statute governing tax increment financing activities. <br /> As is required in the case of modification of any tax increment financing <br /> district, the planning body of the local governing unit is required to take <br /> action on the proposed Plan. The Planning Commission is required by State <br /> Statute to review and find the Plan modification to be in compliance with the <br /> Comprehensive Plan of the City of Elk River. In this case the original <br /> District boundaries are not scheduled to be enlarged and the use within such <br /> District remains consistent with the original Plan. <br /> 111 <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 •TDD &Phone: (612) 441-7420 • Fax: (612) 441-7425 <br />