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· <br />,lver TO: <br /> .~FROM: <br /> <br /> DATE: <br /> <br /> SUBJECT: <br /> <br />Item 4.1. <br /> <br />MEMORANDUM <br /> <br />Mayor & City Council <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />February 17, 1998 <br /> <br />Hold Public Hearing Regarding <br />Establishment of Tax Increment <br />Financing District No. 17 and Adopt <br />Resolution No. 98- Approving Tax <br />Increment Plan for Tax Increment <br />Financing District No. 17 <br /> <br />Issue <br /> <br />The issue before the Council at this time is to take the final step to formally <br />adopt and approve the Tax Increment Financing Plan for District No. 17 <br />(Dave Decker project). This final action consists of holding a pubhc hearing <br />to allow an opportunity for pubhc input and comment, and passing <br />Resolution No. 98-__ approving the Tax Increment Plan for the District. <br /> <br />Background <br /> <br />Dave Decker made a formal request for $160,000 in tax increment assistance <br />in October 1997. As explained in his application which is attached to this <br />memo, the $160,000 subsidy would be used for the purpose of completing site <br />improvements necessary to facilitate the construction of Phase I of a 70,000 <br />square foot multi tenant industrial facility. Phase I is a total of 25,000 <br />square feet. <br /> <br />There are two specific activities which will be completed upon approval of the <br />Plan by the City Council. These activities are: <br /> <br />EDA approval of a Development Agreement between the EDA and <br />David Decker <br /> <br />The developer has agreed in concept to the following two major terms <br />of the Development Agreement: <br /> · Lessors of the facility will be only those that comply with <br /> Minnesota Statutes, Section 469.176, Sub& 4c, which states <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />