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EDA Minutes July 13,1998 Page 3 e owners that have not yet agreed to a buyout. He noted that it will not affect the project if any of the owners want to stay for the full 90 days. Mr. Gleekel indicated he anticipates closing the property sale with Mr. Hohlen sometime this summer. 6. Consider Resolution 98- ,Approvina TIF Plan forTIF District No. 19 Paul Steinman indicated Tax Increment Financing District No. 19 includes approximately 108 acres of privately owned property identified for commercial and business park mixed use development. Paul asked that the comments received from Sherburne County Commissioners received on July 13, 1998. expressing their concerns for loss of tax revenues due to the TIF project. be entered into the public record. He noted that approval of the resolution does not guarantee assistance from the city. COMMISSIONER BENDER MOVED APPROVAL OF RESOLUTION NO. 98-2, MODIFYING DEVELOPMENT DISTRICT NO.1 AND ADOPTING THE DEVELOPMENT PROGRAM THEREFOR; AND ESTABLISHING WITHIN DEVELOPMENT DISTRICT NO.1, TAX INCREMENT FINANCING DISTRICT NO. 19. AND ADOPTING THE RELATED TAX INCREMENT FINANCING PLAN THEREFOR. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 7. Consider Resolution 98- , Askina that the City Council Call Public Hearina For TIF District No. 20 e Paul Steinman explained that Supermats. Inc. is proposing to construct a 35.000- 40,000 square foot facility on the lot which is owned by the EDA in the Elk River Industrial Park. Supermats. Inc. is a manufacturer and distributor of rubber mat products made from recycled tires. Currently, Supermats, Inc. is leasing 5,000 square feet in the building behind E & 0 Tool. The company proposes to combine its manufacturing, warehousing, and distribution to one location in the Industrial Park. Supermats. Inc. is asking that the lot be provided at zero land cost; in order to use the equity in the land to minimize "up front" dollars into the project. Paul estimated that the EDA should be able to recoup its dollars within an approximate two to three year time period. COMMISSIONER FARBER MOVED APPROVAL OF RESOLUTION 98-3, ASKING THE CITY COUNCIL TO CALL A PUBLIC HEARING FOR TlF DISTRICT NO. 20 ON AUGUST 24. 1998. AT APPROXIMATELY 6 P.M. IN THE CITY COUNCIL CHAMBERS AT CITY HALL. COMMISSIONER GONGOLL SECONDED THE MOTION. THE MOTION CARRIED 6-0. 8.1. County Fair Board reauest to use EDA lot bv fairarounds for parkina COMMISSIONER DWYER MOVED APPROVAL TO ALLOW USE OF THE EDA PARKING LOT BY THE FAIRGROUNDS FOR PARKING DURING THE SHERBURNE COUNTY FAIR. COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION CARRIED 6-0. e