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ifWbi <br /> ty of � <br /> River <br /> February 3, 1999 <br /> Mr. David Loch <br /> Sherburne County Board of Commissioners <br /> 13880 Highway 10 <br /> Elk River, Minnesota 55330 <br /> Dr. David Flannery <br /> Independent School District No. 728 Board <br /> 327 King Avenue <br /> Elk River, Minnesota 55330 <br /> Dear Mr. Loch/Dr. Flannery and County Board/School Board Members: <br /> • Subject: Tax Increment Financing District No. 19 in the city of Elk River <br /> The purpose of this letter is to provide an update to the county commissioners <br /> and school board regarding TIF District No. 19 in the city of Elk River. This <br /> TIF District is located at the southeast corner of the intersection of Highway <br /> 169 and Main Street - Earl Hohlen property and mobile home park. <br /> The Economic Development Authority is currently working with the developer <br /> on a concept which will provide tax increment dollars for redevelopment of the <br /> mobile home park site in exchange for the developer agreeing to construct a 40 <br /> acre business park adjacent to the south side of the tax increment district. <br /> The current concept being negotiated is for the business park to lie outside of <br /> the boundaries of the tax increment district, thereby generating tax revenues <br /> for the benefit of all the local taxing jurisdictions. The business park is <br /> planned to have a five to seven year build out schedule for approximately <br /> 350,000 square feet of industrial space. In this case, tax increment dollars are <br /> being used to leverage the construction of a 40 acre business park south of the <br /> proposed commercial redevelopment. <br /> • <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD & Phone: (612)441-7420 • Fax: (612) 441-7425 <br />