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<br />e <br /> <br />Street and Freeport Avenue project falls within the definition <br />of permitted eligible expenditures. <br /> <br />Proposed Limitation Per Project <br /> <br />The writer of this memo understands that an alternative to Mr. <br />Chuba's request was to limit the size of TIF funds for each <br />project. It is generally understood that redevelopment <br />projects will require more funds because of the nature of the <br />activities - chief among them, demolition, foundation removal, <br />site preparation, etc. <br /> <br />Unless Mr. Chuba is able to document the cost of the TIF <br />eligible expenditures, he will not receive reimbursement. That <br />is, Mr. Chuba has requested up to $60,000 in TIF funds. If he <br />only documents expenses of $40,000, that is what he is <br />reimbursed. To reinforce this, lien waivers and contractor's <br />claims totalling just under $20,000 are on file relative to the <br />1992 project. <br /> <br />ACTION REQUESTED <br /> <br />At the close of the public hearing, the City Council is asked <br />to adopt a resolution approving the modification to Tax <br />Increment Financing Plans No. 1 and No.3. <br /> <br />4It RECOMMENDATION <br /> <br />I recommend that the Elk River City Council approve the <br />modification to Tax Increment Financing Plans No. 1 and No. 3 <br />through the adoption of the attached resolution. <br /> <br />e <br />