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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Economic Development AuthOrity <br /> <br />Pat Klaers, ExecutiVe Director <br /> <br />APril 8, 1996 <br /> <br />EDA Public Hearing on Tax 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 Elk River EDA authorized a public <br />hearing for April 8, 1996, to consider a Tax Increment Financing Plan for Tax <br />Increment Financing District No. 14. <br /> <br />Background <br /> <br />Attached for your review is the material that was provided to the EDA on <br />3/11/96 when this public hearing was called. This information should provide <br />you with the background on the Marketech, Inc., project. The information in <br />this 3/11/96 memo is still valid with only some minor changes. Two changes <br />that should be noted are that the value of the project has increased based on <br />input from the county assessing department and, based on this increased <br />value, the TIF assistance is capped at $65,000 (the cost of the land) and we <br />are not using any reference to 17 percent. These changes show up in the <br />attached TIF No. 14 Plan for Marketech. <br /> <br />This request for TIF assistance comes from Rich Duggan who is the owner of <br />Marketech, Inc. Marketech needs additional space to enable the company to <br />grow. This project would allow Marketech to be located in an owner occupied <br />faciliW and move out of the two leased spaces from which it currently <br />operates. <br /> <br />The Marketech, Inc., proposal calls for the construction of a 9,324 square foot <br />office and manufacturing facility to be located on Lots 6 and 7, Block 1, <br />McChesney Industrial Park. The TIF Plan for TIF District No. 14 reflects a <br />valuation of approximately $400,000. Marketech is seeking $65,100 in tax <br /> <br />P.O. Box 490 * 13065 Orono Parkway · Elk River, MN 55330-1743 · (612) 441-7420 · Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br /> <br /> <br />