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5.0. 6.0. 7.0. 8.0. HRSR 03-27-2000
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5.0. 6.0. 7.0. 8.0. HRSR 03-27-2000
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City Government
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HRSR
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3/27/2000
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ity of MEMORANDUM <br /> AkiRiverTO, Housing & Redevelopment Authority <br /> FROM: Marc Nevinski, Acting Director of <br /> Economic Development <br /> DATE: March 27, 2000 <br /> SUBJECT: HRA Meeting Agenda <br /> 5. King & Main Purchase Agreement <br /> Attached is a draft of the purchase agreement for King & Main by the <br /> First National Bank of Elk River. In lieu of a separate development <br /> agreement, the purchase agreement includes conditions for the <br /> development of the site, such as minimum building size and construction <br /> commencement and completion dates. <br /> Staff recommends that the HRA close on the site after the April 24, 2000 <br /> • HRA meeting, where the purchase agreement will be presented for final <br /> review. Although the sale of the site is not considered to be a business <br /> subsidy, as the site is being sold at market value, state law does require <br /> that a public hearing be held on the sale of city owned land. Subsequently, <br /> a public hearing on the sale of the site will be held at the April 24 <br /> meeting. <br /> Action Requested <br /> Staff asks that the HRA review the purchase agreement and provide <br /> comment. <br /> 6. Public Hearing—Revised Tax Increment Financing Policy <br /> The new state statues regarding business subsidies mandates that cities <br /> modify their current incentive and subsidy policies to include provisions <br /> stipulated by the business subsidy law. The law also requires that the city <br /> hold a public hearing on such modified policies before providing subsidies. <br /> The primary modification to the tax increment financing policy includes the <br /> addition of a ratings scale for various project applicants. Such a ratings scale <br /> will enable staff, as well as the HRA, EDA, and City Council, to better <br /> analyze a given project for its eligibility to utilize TIF. Staff presents this <br /> ratings scale under the assumption that every project that requests TIF may <br /> • not necessarily qualify for it under these guidelines. For applicants who do <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612)441-7420 • Fax: (612)441-7425 <br />
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