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<br /> <br />ITEM 6. 1. <br /> <br />TO: MAYOR & CITY COUNCIL <br />FROM: WILLIAM RUBIN, ED COORDINATORJ\! ~ <br />DATE: JANUARY 22, 1993 <br />SUBJECT: TIF GRANT REQUEST FROM PERF-FORM <br /> PRODUCTS, INC. <br /> <br />INTRODUCTION <br /> <br />Staff is in receipt of a request from Perf-form Products, Inc., <br />21595 County Road 83, Big Lake Township, for Tax Increment <br />Financing (TIF) assistance to support the company's proposed <br />construction of a 6,000 square foot facility on a vacant lot in <br />the Elk River Industrial Park. The request for assistance <br />totals $22,500 and is outlined in greater detail in a January <br />18 letter from Mr. Douglas Koelfgen, President of Perf-form. <br /> <br />BACKGROUND <br /> <br />. <br /> <br />This project and its related request for TIF assistance was <br />discussed previously at the Economic Development Authority's <br />(EDA) meeting on January 11, 1993. A copy of the January 6 <br />agenda memo and a January 7 letter from Perf-form is attached <br />as background information. At the EDA meeting, Commissioners <br />discussed the merits of creating a new TIF District, or, <br />drawing TIF funds from one or more existing Districts. Based <br />on the information submitted, it was the consensus of EDA <br />Commissioners to assist this company with TIF funds from <br />Districts No. 1 and No.3. <br /> <br />Because the City Council created the initial TIF Districts in <br />the community, the EDA acted as an advisory body with this <br />request. The final decision on approving Perf-form's request <br />for TIF assistance +ests with the City Council. <br /> <br />Perf-form has identified specific costs which are eligible for <br />TIF assistance: <br /> <br />- Frontage road-street improvements <br />- On site utility extensions <br />- Site preparation <br /> <br />These costs are estimated at $22,500 and <br />acquisition price of the lot which Perf-form is <br />for. That cost is estimated at $25,000 to $27,500. <br /> <br />exclude the <br />responsible <br /> <br />. <br /> <br />720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />