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<br />'rei ---'\) <br />( )j <br />~l~ <br /> <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />INTERESTED PARTIES <br /> <br />FROM: <br /> <br />WILLIAM RUBIN, ECONOMIC <br />DEVELOPMENT COORDINAT~VL- <br /> <br />OCTOBER 18, 1994 <br /> <br />DATE: <br /> <br />SUBJECT: TAX INCREMENT FINANCING <br />OPTIONS; CUSTOM MOTORS SITE <br /> <br />State law provides an opportunity for potential proje~ts to qualify under a <br />variety of Tax Increment Financing (TIF) Districts. These Districts include: <br /> <br />. <br /> <br />· Redevelopment District, <br />· Renewal and Renovation District, <br />. Housing District, <br />. Economic Development District, <br />. Mined Underground Space Development District, <br />· Hazardous Substance Subdistrict (a subset of another primary TIF <br />District), <br />· Soils Condition District. <br /> <br />Following our recent site review of Custom Motors, we believe the potential <br />exists for this area to meet the thresholds of a Renewal and Renovation <br />District. That is, based on the information found below, the Custom Motors <br />site can potentially be designated as a TIF Renewal and Renovation District. <br /> <br />Thresholds of a Renewal and Renovation District <br /> <br />"...parcels consisting of 70 percent of the area of a District are occupied <br />by buildings, streets, utilities, or other improvements." <br /> <br />Comment: The Custom Motors site is a single parcel which <br />contains numerous buildings. <br /> <br />"...20 percent of the buildings are structurally substandard." <br /> <br />. <br /> <br />Comment: Two of the four buildings of the Custom Motors site <br />(i.e. the barn and building used as the initial staging area) meet <br />the thresholds of structurally substandard (see 469.174 Subd. <br />10(b)) <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (6l2) 441-7420 · Fax: (612) 441-7425 <br />