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'ity of <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />Item #~.2. <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />April 6, 1998 <br /> <br />Hold a Public Hearing Regarding <br />Establishment of Tax Increment <br />Financing District No. 18 and Adopt <br />Resolution 98- Approving Tax <br />Increment Plan for Tax Increment <br />Financing District No. 18 <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. 18 <br />(Morrell project). This final action consists of holding a public hearing to <br />allow an opportunity for public input and comment, and to consider <br />resolution No. 98- approving the Tax Increment Plan for the District. <br /> <br />Background <br /> <br />Several discussions and numerous meetings have been held by staff and the <br />EDA to examine the Morrell's request for $300,000 in tax increment <br />assistance which was made in the fall of 1997. As explained in the <br />application, the $300,000 assistance package is to provide a source of funds <br />to complete soil corrections and site work which is necessary to allow for the <br />construction of an approximately 40-45,000 square foot trucking facility. <br />This project would occur off of 171st Avenue and Highway 10 in east Elk <br />River. <br /> <br />There have been a number of discussions held regarding this request over <br />the past six months: <br /> <br />· Prior to formal apphcation, MorreHs verbally requested 100 percent <br /> of the tax increment generated (approximately $680,000), and for <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 />