5.16. SR 06-19-1995 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY 0 ~~ Introduction MEMORANDUM TO: Economic Development Authority FROM: William Rubin, Executive Directo~I~ DATE: June 12, 1995 SUBJECT: EDA Public.Hearing on Tax Increment. Financing Plan for Tag Increment Financing District No. 12 (MowrylNeos, Inc. Expansion Project) At its May 8 meeting, the Elk River EDA authorized a public hearing for June 12, 1995, to consider a Tax Increment Financing Plan for Tax Increment Financing District No. 12. Backeround The Repuest for Assistance/Revision to Proiect Size The request for tax increment financing assistance comes from Mr. Jack T. Mowry/ Neos, Inc., 12797 Meadowvale Read. Mr. Mowry is president of Neos, Inc. He is also the owner of Metal Craft Machine and Engineering, 12797 Meadowvale Road. Neos designs and builds machinery -specializing in packaging machinery. Newly expanded space would enable Neos to grow; its vacated space within the Metal Craft building would also allow that company to meet its demands for continued growth. Initially, the Mowry/Neos expansion called for the construction of a 16,000 square foot office and manufacturing facility to be located on Lots 6 and 7, Block 1, McChesney Industrial Park. The Tax Increment Financing Plan for Tax Increment Financing District No. 12 reflects a 16,000 square foot facility and its respective valuation of approximately $585,000. At this writing, Mr. Mowry is now proposing the construction of a 12,000 square foot facility with a finished valuation between $300,000 and $325,000 (excluding land value). In the interest of time, these revisions are not reflected in the draft Tax Increment Financing Plan. Instead, a revised Exhibit D reflects a lower finished market valuation. The lower valuation requires the City/EDA to . • P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441.-7425 Equal Opportunity Housing and Equal Opportunity Employment