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Co <br /> <br />the McChesney Industrial Park, thereby increasing local employment <br />opportunities and preserving and enhancing the local tax base of the <br />State of Minnesota. <br /> <br />DEVELOPMENT PROGRAM <br /> <br />1. Overview <br /> <br />Marketech, Inc., 16864 Highway 10, Elk River, Minnesota, <br />seeks Tax Increment Financing assistance to support its <br />proposed construction of a 9,324 square foot facility in the <br />McChesney Industrial Park. <br /> <br />The Tax Increment funds will be used to reimburse Marketech, <br />Inc., for the acquisition of the development site. <br /> <br />2. Property Included in Tax Increment Financing District No. 12 <br /> <br />The legal descriptions of the properties included in TIF District <br />No. 14 are as follows: <br /> <br />Lot 6, Block 1, McChesney Industrial Park (PID No. 75- <br />433-0150) <br /> <br />Lot 7, Block 1, McChesney Industrial Park (PID No. 75- <br />433-0160) <br /> <br />Attached as Exhibits B-1 and B-2 are maps showing the exact <br />location of the property included in Tax Increment Financing <br />District No. 14. <br /> <br />Do <br /> <br />3. Property to be Acquired by the Authority <br /> <br />No property will be acquired by the Authority. <br /> <br />DEVELOPMENT ACTIVITIES <br /> <br />1. Development Overview <br /> <br />Marketech, Inc., proposes to construct a new facility containing <br />approximately 9,324 square feet on Lots 6 and 7. The new <br />facility will have a finished market value estimated at $400,000. <br />Construction may begin during the summer of 1996 and will be <br />completed by December 31, 1996. <br /> <br />Marketech, Inc., currently employs 22 persons at its two leased <br />spaces in Elk River. As a result of the expansion, approximately <br />13 new full-time jobs will be created by Marketech, Inc., in the <br />next three years. <br /> <br /> <br />