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<br />Elk River Economic Development Authority Minutes <br />June 8, 1992 <br /> <br />Page 2 <br /> <br />. <br /> <br />should adjust its budget accordingly. Executive Director, Pat Klaers, <br />indicated that given the EDA's current cash balance, and based on <br />previous years expenditures, there may not be a need to adjust the <br />budget at this time. <br /> <br />6. <br /> <br />Update on EDA Main street Exclusive Option <br /> <br />Mr. Gary Santwire of R.E.P., Ltd., was not in attendance to give EDA <br />Commissioners an update as to the status of its progress on the EDA <br />Main street redevelopment site. Commissioner Dwyer indicated that he <br />spoke briefly to Mr. Santwire, who indicated that work was still <br />continuing on this project. Commissioner Holmgren also indicated that <br />he had visited with Mr. Santwire and had been to the site with him. <br /> <br />President Gongoll suggested that this item continue to appear on <br />upcoming EDA agendas for updates and discussions. <br /> <br />7. <br /> <br />Tax Increment Financing Assistance for Tescom Corporation <br /> <br />. <br /> <br />Bill Rubin indicated that the EDA is in receipt of a completed <br />application for Tax Increment Financing assistance. Tescom <br />Corporation, Inc., 12616 Industrial Boulevard, is requesting $70,000 in <br />Tax Increment Financing assistance to support its proposed 30,000 <br />square foot expansion on a vacant lot adjacent to its existing 34,000 <br />square foot facility in the Elk River Industrial Park. If approved, <br />tax increment funds would be used to "write down" the acquisition price <br />of the 4.67 acre parcel; tax increment monies would also be used to <br />move the excess fill that is currently stockpiled on this site; and <br />lastly, funds would be used to conduct borings and analysis of the <br />property once the stockpile is removed. <br /> <br />staff is proposing the creation of a "Economic Development TIF <br />District". This type of district is intended to last a short number of <br />years. However, an Economic Development District also results in the <br />earliest potential loss of state Aid funds for the City. staff is <br />attempting to assess what potential loss could be incurred as a result <br />of creating an Economic Development District for Tescom Corporation. <br /> <br />EDA Commissioners reviewed the proposed timetable to complete the <br />creation of Tax Increment District No.9. <br /> <br />COMMISSIONER DWYER MOVED TO AUTHORIZE THE PREPARATION OF A TAX <br />INCREMENT FINANCING PLAN FOR THIS PROJECT AND TO REQUEST THAT THE CITY <br />COUNCIL CONSIDER SCHEDULING A PUBLIC HEARING ON THE ADOPTION OF THIS <br />PLAN. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED <br />6-0. <br /> <br />8. Community Development Application <br /> <br />. <br /> <br />EDA Commissioners reviewed a Community Development <br />staff is proposing it be submitted to the Department <br />Economic Development on behalf of Tescom Corporation. <br />DTED grant to the EDA would be used by the EDA as a <br />Corporation to support its proposed 30,000 square foot <br /> <br />Application and <br />of Trade and <br />If awarded, the <br />loan to Tescom <br />expansion in the <br />