Laserfiche WebLink
opportunities and preserving and enhancing the local tax base of the <br />State of Minnesota. <br />• C. DEVELOPMENT PROGRAM <br />Overview <br />Neos, Inc., 12797 Meadowvale Road, Suite B, Elk River, <br />Minnesota, seeks Tax Increment Financing assistance to <br />support its proposed construction of a 12,000 square foot <br />facility in the McChesney Industrial Park. <br />The Tax Increment funds will be used to reimburse Neos, Inc., <br />for the acquisition of the development site. In addition, <br />funds will be used for site preparation and site development <br />costs. <br />2. Property Included in Tax Increment Financing District No. 12 <br />The legal descriptions of the properties included in TIF District <br />No. 12 are as follows: <br />Lot 6, Block 1, McChesney Industrial Park (PID No. 75- <br />433-0150) <br />Lot 7, Block 1, McChesney Industrial Park (PID No. 75- <br />433-0160) <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. 12. <br />3. Property to be Acauired by the Authority <br />No property will be acquired by the Authority. <br />D. DEVELOPMENT ACTIVITIES <br />1. Development Overview <br />Neos, Inc., proposes to construct a new facility containing <br />approximately 12,000 square feet on Lots 6 and 7. The new <br />facility will have a finished market value estimated at $375,000. <br />Construction may begin during the summer of 1995 and will be <br />completed by January 12, 1996. <br />Neos, Inc., currently employs 5 persons at its leased space at the <br />12797 Meadowvale Road facility. As a result of the expansion, <br />approximately 6 new full-time jobs will be created by Neos, Inc. <br />In addition, the business incubator component of this facility is <br />expected to create 10 full-time jobs and retain another 11 <br />positions. <br />• <br />