3.0. SR 03-08-1993 - Laserfiche WebLink

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. . . C. DEVELOPMENT PROGRAM 1. Overview Tescom Corporation, Inc., 12616 Industrial Boulevard, Elk River, Minnesota, seeks Tax Increment Financing assistance to support its proposed 30,000 square foot expansion on a vacant lot adjacent to its existing 34,000 square foot facility in the Elk River Industrial Park. The Tax Increment funds will be used to "write down" the acquisition of the development site. In addition, funds will be used to conduct borings and analysis of the property, site survey, and for civil and engineering costs. 2. Property Included District No. 9 in Tax Increment Financinq The legal description of the property included in TIF District No. 9 is as follows: Lot 1, Block 2, Elk River Industrial Park 2nd Addition (PID No. 75-520-0210) Lot 2, Block 2, Elk River Industrial Park 2nd Addition (PID No. 75-520-0220) Lot 3, Block 2, Elk River Industrial Park 2nd Addition (PID No. 75-520-0230) Attached as Exhibits B-1 and B-2 are maps showing the exact location of the property included in Tax Increment Financing District No.9. 3. Property to be Acquired by the Authority No property is scheduled for Economic Development Authority River, Minnesota. acquisition by the for the City of Elk D. DEVELOPMENT ACTIVITIES 1. Development Overview Tescom Corporation, Inc., proposes to constuct a new facility of approximately 30,000 square feet on the Development Property. The facility will have a finished market value estimated at $900,000. Construction is scheduled to begin in March, 1993, and will be completed by the fall of 1993.