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~ity of <br /> <br />iver <br /> <br />ITEM 4. <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />MEMORANDUM <br /> <br /> Mayor & City Council <br /> Pat Klaers, City A~nistrator <br /> <br /> June 10, 1996 I/' ' <br /> <br /> Development Contract <br /> <br />Whenever a TIF project is approved, the city enters into a private <br />development contract between the applicant and the city. This contract <br />outlines the terms and conditions of the agreement. In general, this <br />agreement indicates that the city will pay back taxes up to the amount of <br />$35,000. In turn, Mr. McChesney of McChesney Cabinets will construct a <br />10,000 square foot facility valued at a minimum of $300,000 and will hire two <br />new employees over the next three years. Other legal language will be <br />incorporated into the document to protect both the city and Mr. McChesney. <br /> <br />The contract is not included in this packet and will be sent out next week. It <br />is anticipated that the City Council will hold a public hearing on the TIF <br />Plan on June 17th and consider the contract following that public hearing. <br /> <br />council\pdcontct <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />