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-~ity of <br /> <br />ITeM 5.4. <br /> <br />MEMORANDUM <br /> <br />iver <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor and City Council <br />Pat Klaers, City Adm~' t~~' <br />April 8, 1996]//\~'~ ......... <br />Public Hearing on T~x Increment <br />Financing Plan for Tax Increment <br />Financing District No. 14 <br />(Marketech, Inc.) <br /> <br />Introduction <br /> <br />At its March 11, 1996, meeting, the City Council authorized a public hearing <br />for April 8, 1996, to consider a Tax Increment Financing Plan for Tax <br />Increment Financing District No. 14. <br /> <br />Background <br /> <br />Please see the material provided to the EDA on TIF No. 14 for Marketech, <br />Inc. This material should provide the City Council with all the background <br />information necessary on this company and proposed District. <br /> <br />Action Requested <br /> <br />After conducting the public hearing on the TIF Plan for TIF District No. 14, <br />the Council is requested to adopt the attached resolution. Approval of the <br />TIF Plan is subject to the execution of a contract for private development. <br />This contract will be presented to the Council in May. <br /> <br />It is recommended that the City Council approve the use of funds generated <br />through the selling of an Industrial Park lot to the School District as the <br />qualifying local contribution of 10 percent instead of selecting the local <br />government aid loss option. <br /> <br />s:\councilX48tif14m.doc <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />