5.2. SR 11-20-1995 - Laserfiche WebLink

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* *ITEM 5.2.** ity of MEMORANDUM lk 0 TO: Mayor & City Council River FROM: William Rubin, ED Coordinat DATE: November 20, 1995 SUBJECT: Proposed Modification to Tax Increment Financing Plan No. 3 (Elk River Business Park Initiatives) Introduction On November 20, the Elk River City Council will be asked to schedule a public hearing to consider a modification to Tax Increment Financing Plan No. 3. Background • Following the activation of the EDA Business Park Task Force in 1993, its Chair, Patrick Dwyer, presented a detailed overview of potential funding sources to assist the EDA with the eventual development of a Business Park in the western area of the community. A copy of the minutes from Chair Dwyer's presentation to the City Council on October 11, 1993, is attached to this memo. Following the presentation, the City Council authorized the allocation of $400,000 in tax increment financing funds from Districts No. 1 and No. 3 to be used for land acquisition for a Business Park and an Industrial Park in two separate locations in the community. On November 14, 1994, the City Council reaffirmed its desire to allocate funds toward the development of the Business Park when it authorized approximately $429,000 in TIF funds for this use and/or to write down the utility costs for a new senior high school. The Elk River EDA discussed the proposed expenditure of TIF funds from Districts No. 1, No. 3, and former District No. 4 at workshops in June and July of this year. At the August workshop, general agreement was obtained to allocate the expenditure of TIF funds as follows: East Highway 10 Utilities Write Down $400,000 Business Park/Industrial Park Initiatives $400,000 is Downtown Redevelopment S 150.000 $950,000 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441 -7420 • Fax: (612) 441 -7425