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. Because the proposed acquisition price of a 3 acre site in the <br />Country Crossing Business Center (Business Park) is <br />unresolved, the EDA revised the cost estimates as follows: <br />Budget Amount <br />Land Write Down $163,350 <br />Site Survey $ -0- <br />Site Preparation $ 11,650 <br />Soil Borings and Analysis $ -0- <br />Administration $ 2,500 <br />Legal $ -0- <br />Cost of Issuance Fees $ -0- <br />Bond Discount $ -0- <br />Capitalized Interest $ -0- <br />Miscellaneous $ -0- <br />TOTAL $177,500 <br />The proposed budget revisions perhaps overstate actual <br />expenditures for TIF District No. 13. However, understating <br />these costs would result in a budget amendment at a later date. <br />A budget amendment results in new public hearings and <br />adequate time for School Board and County Board review and <br />comment. <br />B. NEW SECTION IN THE TIF PLAN ADDRESSING LOCAL <br />GOVERNMENT AID/HACA REDUCTION <br />An additional section to the TIF Plan for District No. 13 has <br />been added. This new section addresses the city's option of <br />making a "qualifying local contribution" in lieu of a Local <br />Government Aid/HACA reduction associated with the <br />establishment of Tax Increment Financing District No. 13. The <br />new section is labeled as Section J of the TIF Plan and is <br />entitled Local Government Aid/HACAReduction. <br />C. MAXIMUM TIF GRANT <br />Section V of Elk River's TIF Policy Guideline outlines the <br />maximum TIF grant for various projects. The maximum TIF <br />grant is generally expressed as a percentage of a project's <br />finished market value (land and building). Section V of the <br />Policy indicates that "except for redevelopment projects which <br />may require more assistance than other projects, the average <br />