5.14. SR 09-18-1995 - Laserfiche WebLink

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• ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM Introduction TO: Economic Development Authority "FROM: William Rubin, Executive Directo DATE: September 11, 1995 .SUBJECT: EDA Public Hearing on Tax Increment. Financing Plan for .Tax Increment Financing District No. 13 (TL Feeding Systems, Inc. Expansion Project) At its August 8 meeting, the Elk River EDA authorized a public hearing for September-11, 1995, to consider a tax increment financing plan for Tax Increment District No: 13. Background The Request for Assistance The request for tax increment~financing assistance comes from TL Feeding Systems, Inc:, 8720 Wyoming Avenue North, Brooklyn Park, Minnesota: TL Feeding Systems designs and manufactures vibratory and centrifugal feeding equipment and systems that orient various products for assembling and packaging. The company currently occupies leased space and it desires a more permanent office and production facility to ensure continued growth. TL Feeding. Systems is proposing. to construct a 15,000 square foot o~.ce and manufacturing facility that~will be located on a 3.0 acre plus/minus lot `along :.Business, Center Drive in the Elk River Business 'Center (Business Park): The project's finished market value .(land and building) is estimated. at - $625,000: The company currently employs ten persons and they will be retained as .part of the .Elk River expansion_ project. TL Feeding Systems seeks $150,000 in tax increment financing assistance to - support its proposed facilty_ Tax increment funds would be used to "write - down" the cost of the land; and for general site development and "site preparation costs associated with this project: At this writing, a "pay-as-you- P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612)441-7420 • Fax: (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment