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( Item # 7.0 <br /> 4 i <br /> City of MEMORANDUM <br /> Elk • <br /> River <br /> TO: Economic Development Authority <br /> FROM: Lori Johnson, Finance Director lk Vt`i <br /> DATE: February 12, 2001 <br /> SUBJECT: TIF 17 Assignment <br /> On January 3, 1999, the EDA entered into a Limited Revenue Tax Increment <br /> Note with David Decker for the TIF 17 development project. Mr. Decker has <br /> requested that the Note be assigned to Rivers Crossing, Inc. Assignment of <br /> the Note requires EDA approval. <br /> Attached are the Assignment and related documents to transfer the Note to <br /> Rivers Crossing, Inc. As you may recall, the principal amount of the Note is <br /> $160,000. This Assignment, if approved, would transfer the remaining <br /> payments from David Decker to Rivers Crossing, Inc. Payments on the Note <br /> are subject to the provisions of the Contract for Private Development By and <br /> Between The Economic Development Authority In and For the City of Elk <br /> River and David Decker and Jeanette LaMotte Decker. Payment to Rivers <br /> Crossing, Inc. will not be made until the Developer meets all of the <br /> outstanding requirements of the Contract. <br /> Action Requested <br /> The EDA is asked to consider the attached Assignment of Limited Revenue <br /> Tax Increment Note for TIF 17 from David Decker to Rivers Crossing, Inc. <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD & Phone (763) 441-7420 • Fax (763) 441-7425 <br />