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P <br /> ,-c\i - <br /> / <br /> ITEM 6. 1. <br /> ity of ,/ <br /> ,lkRiver MEMORANDUM <br /> TO: Planning Commission <br /> PFROM: Paul Steinman, Director of Economic <br /> Development <br /> DATE: December 22, 1998 <br /> SUBJECT: Consider Resolution 98- Regarding <br /> Tax Increment Financing District <br /> No. 21 <br /> Issue <br /> The purpose of this item is to complete a review of the attached Tax <br /> Increment Financing (TIF) Plan for Tax Increment Financing District No. 21 <br /> and to consider such plans to be in conformance with the Comprehensive <br /> • Plan of the city of Elk River. <br /> Background <br /> The statutory process of creation of a new TIF District requires the local <br /> planning body to complete a review of any proposed tax increment plan. <br /> TIF District No. 21 is proposed to be established by resolution of the City <br /> Council on February 8, 1999. On December 14, 1998, the Economic <br /> Development Authority and City Council directed staff to prepare the <br /> Development Program and the TIF Plan for TIF District No. 21. <br /> The proposed project is for the construction of an approximately 50,000 <br /> square foot manufacturing facility on a six acre piece of property in the Elk <br /> River West Business Park. The property is currently owned by Tony <br /> Emmerich and is proposed to be platted in January/February 1999. The <br /> property is currently zoned business park with an underlying land use of <br /> light industrial. The type of use proposed for the new facility includes the <br /> fabrication of rubber materials to create seals, gaskets, tape, and other <br /> products in various sizes, shapes, and configurations. It is anticipated this <br /> business will also include the molding and extrusion of rubber products in <br /> • the near future. This use lies within the statement of purpose for light <br /> industrial and business park zoning. <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River,MN 55330 • TDD &Phone: (612)441-7420 • Fax: (612)441-7425 <br />