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<br />ITEM 9 <br /> <br /> <br />TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> <br />FROM: WILLIAM RUBIN, ED COORDINATOR~ Yl- <br /> <br />DATE: JANUARY 6, 1993 <br /> <br />SUBJECT: ALTERNATIVES FOR TAX INCREMENT <br />FINANCING (TIF) GRANT REQUEST <br /> <br />INTRODUCTION <br /> <br />Policy direction is sought from the Elk River Economic <br />Development Authority and the Elk River City Council regarding <br />alternatives for a Tax Increment Financing Grant Request. In <br />short, staff is seeking direction from both Boards regarding <br />the potential availability of TIF to assist a manufacturing <br />company with its relocation program into the City of Elk River. <br /> <br />BACKGROUND <br /> <br />. <br /> <br />Perf-form Products, Inc., 21595 County Road 83, Big Lake <br />Township, manufactures oil filters and oil drain systems for <br />original equipment manufacturers (OEM's) such as Harley <br />Davidson and as after-market products that are available for <br />sale in motorcycle accessory stores. Mr. Douglas Koelfgen is <br />owner and president of the company. He also holds a patent for <br />developing this oil filtration system. The company has been in <br />operation for several years and currently operates in Big Lake <br />Township as a result of a conditional use permit issued by <br />Sherburne County. A check of County records reveals that <br />Perf-form Products has conformed to the County's stipulated <br />conditions, and as a result, has a clean record of operations. <br /> <br />This company has been previously outlined in monthly Prospect <br />Status Reports and appears to be close to a decision on <br />expanding in Elk River. Additional information on the company <br />can be obtained from the letter submitted by Mr. Koelfgen and <br />from the brochures included in the agenda packet. <br /> <br />. <br /> <br />Mr. Koelfgen is proposing the construction of a 6,000 square <br />foot facility that can be expanded in the future. In an effort <br />to maximize the land to building ratio, the company has <br />tentatively identified Lot 2, Block 2, Elk River Industrial <br />Park, as a potential site to undertake this expansion project. <br />Lot 2 is a privately owned site located immediately west of the <br />Neary Manufacturing building in the Industrial Park. It is <br />owned by Steven Neary, who also owns the facility and the real <br />estate where Neary Manufacturing conducts its operations. <br />While vacant, Lot 2 was not part of the City/EDA-Associated <br />Investors transaction of June, 1992. <br /> <br />720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />