Laserfiche WebLink
~~( ~~ ITEM 5.14 <br />ity of ~~ MEMORANDUM <br />lk ~ TO: Mayor & City Council <br />Rover <br />FROM: William Rubin, ED Coordinator <br />DATE: September 18, 1995 <br />SUBJECT: Public Hearing on Tax Increment <br />Financing Plan for Tax Increment <br />Financing District No. 13 (TL Feedin~('~, <br />Systems, Inc. Expansion Project) ~~ yy <br />Introduction <br />At its August 21 meeting, the Elk River City Council authorized a public <br />hearing for September 18, 1995, to consider a Tax Increment Financing Plan <br />for Tax Increment District No. 13. <br />Background <br />• The EDA memo for its September 11 TIF public hearing is attached to this <br />memo. It addresses the salient points of the TL Feeding Systems, Inc., TIF <br />request. However, during the course of the EDA public hearing, additional <br />points emerged as issues and are outlined below: <br />A. BUDGET PORTION OF TIF PLAN <br />The previously stated cost estimates for TIF District No. 13 are <br />outlined below: <br />Bind et Amount <br />Land Write Down $135,000 <br />Site Survey $ -0- <br />Site Preparation $ 15,000 <br />Soil Borings and Analysis $ -0- <br />Administration $ -0- <br />Legal $ 2,500 <br />Cost of Issuance Fees $ -0- <br />Bond Discount $ -0- <br />Capitalized Interest $ -0- <br />Miscellaneous $ 2.500 <br />TOTAL $155,000 <br />.] <br />13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />