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ITEM 3. <br /> <br />.ity of <br /> <br />'Vel' <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />MEMORANDUM <br /> <br />Mayor & City Council <br /> <br />~ tn eKlla01 r~ 9C6i t Y~nistrat°r <br /> <br />Public Hearing on Tax Increment <br />Financing Plan for Tax Increment <br />Financing District No. 15 (McChesney <br />Cabinets) <br /> <br />Introduction <br /> <br />At its May 13, 1996, meeting, the City Council authorized a public hearing <br />for June 10, 1996, to consider a TIF Plan for TIF District No. 15 for <br />McChesney Cabinets. <br /> <br />Background <br /> <br />Please see the attached material that was provided to the EDA on TIF No. 15 <br />for McChesney Cabinets. This material should provide the City Council with <br />all the background information necessary on this company and proposed <br />District. <br /> <br />Action Requested <br /> <br />After conducting the public hearing on the TIF Plan for TIF District No. 15, <br />the Council is requested to adopt the attached resolution. Approval of the <br />TIF Plan is subject to the execution of Contract for Private Development. <br />This Contract will be presented to the Council following the public hearing on <br />the TIF proposal. <br /> <br />If this TIF Plan is approved, it is also recommended that the City Council <br />approve the use of funds generated through the land transaction between the <br />City/EDA and the School District for the Industrial Park lot as the qualifying <br />local contribution of 10 percent. This contribution is recommended instead of <br />selecting the local government aid loss option. <br /> <br />councilXtifl5 <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />