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*IiEM 7.6.** <br />ELK RIVER ECONOlV~~~~YT~PMENT AUTHORITY <br />TO: Mavor& City,Council <br />FROM:. William Rubin <br />EDA Executive Directa~ l~ <br />DATE; August Zl, t995 ®~ <br />SUBJECT: ` Consider a Request for a Public Hearing to <br />Establish a New Tax Increment Financing <br />District <br />('TL Feeding Systems Project). <br />Introduction <br />At its August 21_meeting, the- Elk River City Council will be asked to schedule a public <br />hearing. to consider a Tax Increment Financing Plan for the creation of a. new Tax <br />Increment Financing District. Apublic-hearing to consider the Tax Increment Financing <br />Plan is requested for September 18, 1995:: <br />• Background <br />The request for tax increment assistance. comes from 'IZ: Feeding Systems, Inc., 8720 <br />Wyoming ..Avenue North, Brooklyn Park, MIN. TL Feeding Systems designs and <br />manufactures vibratory and centrifugal feeding equipment .and .systems that orient various <br />products .for assembly and packaging: Primary customers are associated with the food <br />:.sector, high technology, medical sector, industrial sector, and original equipment <br />manufacturers: (OEM). ' <br />TL Feeding seeks $150,000 in`tax increment financing assistance to support its. proposed <br />15,000 square foot office and production facility on a three (3) .acre site in the. Country <br />Crossing Business- Center (Business Park). Tax increment funds would be used to "write <br />down" the cost of the`site and for general site development and site. preparation costs, <br />associated: with this project. The 15,000 square foot facility will likely be constructed of <br />pre-cast tip-up panels, consistent with -the .design tandards -of the 19944 Business .Park <br />Ordinance. In addition, the 3 acre parcel will. readily accommodate future expansions. It <br />is estimated that the project will have a finished market value (land and building) of <br />$62`,000. <br />The T7 Feeding 'I'IF request was considered by the Elk River Economic Development <br />Authority. at its August ,8 meeting. The E17A voted to authorize the preparation of a Tax <br />• Increment Financing Plan and has scheduled a public hearing. on this matter;for September <br />11,.1995. In the same motion, the EDA also. voted to recommend that the City Council <br />also schedule a public hearing on this matter. <br />P.O. Box 490 • .13065 Orono Parkway ~ Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (6I2) 44t-7425 <br />Equal Opportunity Housing and -Equal Opportunity Employment <br />