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The EDA is proposing the creation. of an "Eeonomia Development TIF District": Initial <br />projections indicate that the City/EDA will .collect its first increment (new property tax) <br />-from -TL's :finished building in 1998. Increments .will be collected from .1,998 through <br />2003, inclusive to -repay the costs associated with.the TIF grant for land write-down and <br />site preparation costs..... <br />Another consequence of a 'new TIF district is that' of a local government -..aid and <br />homestead and agricultural credit assistance (LGA/HACA) reduction: As with the recent <br />Neos/Mowry TIF request, it is to the advantage of the CtyBDA to provide fora <br />"qualifyinglocal contribution." of 10 percent per year-from 1998 through 2003, inclusive. <br />,Below is a proposed time table o complete TL Feeding's request for TIF assistance: <br />August 21- City Council sets Public. Hearing to .Consider TIF Plan <br />August 22- School Board Meeting; Review and Comment` <br />August 22 - Planning Commission Reviews TIF Plan <br />August 30 - EDA' TIF Hearing Notice Published in the Star News <br />September 5/6 - County Board Meeting; Review and Comment <br />• S tember 6 - C• <br />ep n3' Council. TIF Hearuig Notice Published in the Star News. <br />September 11 - EDA Conducts Public Hearing on TIF Plan <br />.September 18 - City:Council Conducts Public Hearing on TIF Plan <br />Action Requested <br />The Elk River City Council is asked to schedule a public hearing for September l8, 1995 <br />to consider. a Tax .Increment Financing Plain for a new Tax .Increment Financing ..District <br />(District No. 1.3 ). <br />s:leda4nedmgs~a~m&-21. dux <br />• <br />