5.14. SR 09-18-1995 - Laserfiche WebLink

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• 2. 3. H. STUDIES AND ANALYSIS USED TO DETERMINE THE NEED FQR TAX INCREMENT FINANCING The Elk River City Council and EDA have determined that the TL Feeding Systems, Inc., expansion project cannot reasonably be expected to occur solely through private investment within the reasonably foreseeable future. Therefore, the use of Tax Increment Financing assistance is deemed necessary. This determination has been made based on the following: The City of Elk River and its Economic Development Authority have determined that the TL Feeding Systems, Inc., project would not reasonably be expected to occur without the creation of TIF District No. 13 and the use of tax increment financing is necessary. Therefore, none of the net tax capacity captured during the term of this TIF District would be available to other taxing jurisdictions without the creation of this district. Additional information on the impact of Tax Increment Financing District No. 13 an the other local taxing jurisdictions can be found in Exhibit E. The company currently occupies leased space at 8720 Wyoming Avenue North, Brooklyn Park, Minnesota and this expansion into a permanent facility is its first. Tax increment assistance is needed to reduce the overall project costs -thereby preserving scarce capital to ensure that TL Feeding Systems, remains financially stable after the expansion. • In addition, tax increment assistance is necessary because the project will result in increased employment in the State, and, it will result in the preservation and enhancement of the tax base of the State. I. PARCELS INCLUDED IN TAX INCREMENT FINANCING DISTRICT NO. 13 Tax Increment Financing District No. 13 is comprised of two parcels of land. They are listed below: 1994 Original Parcel 1994 EMV Payable 1995 Net Tax Capacity • Part of $20,400 $938 75-5 75-0020 (For 3 acre parcel) (For 3 acre parcel)