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A..? ITEM 13 <br /> t4y of TO: PLANNING COMMISSION <br /> 1k ,�River FROM: WILLIAM RUBIN, ED COORDINATO <br /> DATE: JULY 19, 1993 <br /> SUBJECT: PROPOSED MODIFICATION TO TAX <br /> INCREMENT PLANS NO. 1 & NO. 3 <br /> INTRODUCTION <br /> On Monday, August 2 , 1993, the Elk River City Council will <br /> conduct a public hearing to consider a modification to Tax <br /> Increment Financing Plans No. 1 and No. 3 . The proposed <br /> modification will amend the respective Plans to authorize <br /> additional tax increment expenditures that are not currently <br /> referenced in the Plans . <br /> BACKGROUND <br /> At an early June Capital Improvement Program (CIP) worksession, <br /> the Elk River City Council considered financing options <br /> regarding the proposed expansion of the Elk River Public <br /> Library. A favored option to underwrite a portion of the <br /> 411 expansion costs is that of amending Tax Increment Financing <br /> (TIF) Plans No. 1 and No. 3 . This proposed tax increment <br /> expenditure is an eligible cost under Minnesota Statutes . If a <br /> approved, the modification to the TIF Plans would enable the <br /> City Council authorize up to $177 ,000 in tax increment funds to <br /> underwrite a portion of the proposed $550, 000 Library <br /> expansion. The proposed expansion includes a 4 ,400 square foot <br /> addition and limited remodeling of the existing building. TIF <br /> funds would be used only for the proposed addition. <br /> ACTION REQUESTED <br /> Following its review of the proposed modification to TIF Plans <br /> No. 1 and No. 3, the Elk River Planning Commission is asked to <br /> find that the modification is consistent with the City' s <br /> Comprehensive Plan. The Planning Commission' s recommendation <br /> and findings will then be forwarded to the City Council for <br /> consideration at the August 2 public hearing. <br /> • <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />