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<br />r~1 -\j <br />( )j <br />rlk <br /> <br />ITEM 4.9. <br /> <br /> <br />TO: <br /> <br />FROM: <br /> <br />MAYOR & CITY COUNCIL <br />WILLIAM RUBIN, ED COORDINAT~/~ <br />AUGUST 5, 1993 f ~ <br /> <br />DATE: <br /> <br />SUBJECT: PUBLIC HEARING ON PROPOSED <br />AMENDMENT TO TIF PLANS NO. 1 AND <br />NO. 3 <br /> <br />INTRODUCTION <br /> <br />At its July 19, 1993 meeting, the Elk River City Council <br />authorized a public hearing for August 16, 1993, to consider a <br />modification to Tax Increment Financing (TIF) Plans No. 1 and <br />No.3. <br /> <br />BACKGROUND <br /> <br />The proposed modification will amend <br />authorize additional tax increment <br />currently referenced in the Plans. <br />amendment will allow the City to: <br /> <br />the respective Plans to <br />expenditures that are not <br />If approved, the Plan <br /> <br />a. <br /> <br />Pay for <br />foundation <br />compaction, <br />extensions, <br />redevelopment <br />Avenue. <br /> <br />certain redevelopment costs (demolition, <br />removal, soil boring and analysis, <br />site preparation, on site utility <br />etc.) associated with a proposed <br />project at Main Street and Freeport <br /> <br />- <br /> <br />A description of the proposed project follows. The request for <br />TIF assistance comes from Mr. Dennis Chuba, The Chuba Company, <br />317 Main Street. Up to $60,000 in TIF assistance has been <br />requested by Mr. Chuba. The TIF funds would be used to <br />reimburse the developer for costs associated with the <br />redevelopment project (that is, demolition, foundation removal, <br />compaction, etc.) he is proposing at Main Street and Freeport <br />Avenue. In 1992, the City Council approved a TIF amendment for <br />a similar project developed by Mr. Chuba within the same block <br />(Main Street and Evans Avenue). As with the 1992 TIF request, <br />a new TIF District would not be established. Rather, TIF funds <br />from Districts No. 1 and No. 3 would be used as a grant to <br />reimburse the developer for certain eligible costs as permitted <br />by Minnesota Statutes. <br /> <br />1993 Project <br /> <br />e <br /> <br />Mr. Chuba is proposing the construction of an office/townhouse <br />building which will contain approximately 8,500 to 10,000 <br />square feet. The building will provide owner/occupied space <br />for four to five new or existing Elk River businesses. This <br />project gives a small office user the opportunity to acquire <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />