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• ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: July 1, 1998 <br /> SUBJECT:Agenda Memo for July 13, 1998, <br /> Meeting <br /> 5. Presentation by AMCON/Associated Builders Regarding East <br /> Business Park <br /> Issue <br /> AMCON and Associated Builders have requested an appearance <br /> • before the EDA to present information regarding the business park <br /> component of the Earl Hohlen mixed use development project. The <br /> purpose of this agenda item is to hear such presentation and to have a <br /> discussion with the developers regarding their proposed business park <br /> concept. <br /> Attachment <br /> • Letter from Brookstone <br /> Financial Issues <br /> The EDA may recall that the Associated Builders initial tax <br /> increment application did not include a request for tax increment <br /> assistance related to the business park portion of this project. It is <br /> foreseen that a tax increment request will be coming forward as this <br /> mixed use project proceeds which relates directly to the business park <br /> project. This tax increment request may include a write down of the <br /> costs of land and public improvements to the business park. At this <br /> time these costs are unknown, but it appears from initial investigation <br /> that the values which AMCON is projecting at full development of the <br /> business park, will provide enough tax increment to fund such <br /> • request. Further discussion of this issue will ensue as we proceed <br /> with the developer on negotiation of the overall tax increment request. <br /> 13065 Orono Parkway • P. O. Box 490 • Elk River.; MN 55330-1743 • {612) 441-7420 •Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />