Laserfiche WebLink
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> ROM: Paul Steinman, Director of Economic <br /> Development <br /> DATE: December 14, 1998 <br /> SUBJECT: Agenda Memo for December 14, 1998 <br /> Meeting <br /> 5. Consider Resolution 98- Approving Budget Modification Tax <br /> Increment District No. 9 <br /> Issue <br /> The issue before the EDA at this time is to consider a resolution <br /> • approving a budget modification to Tax Increment District No. 9 - <br /> Tescom. This budget modification increases the overall expenditures <br /> of tax increment dollars from this District, therefore requiring that <br /> notices be mailed to the county and school district and a public hearing <br /> be held before the City Council. This public hearing is scheduled to be <br /> held before the City Council on December 21, 1998. <br /> Background <br /> The proposed modification will increase tax increment expenditures <br /> from TIF District No. 9 by a maximum of$90,000. This amount is <br /> detailed as follows: <br /> • Land purchase $24,000 <br /> • Administration 6,000 <br /> • Public improvements 60,000 <br /> Total $90,000 <br /> Land Purchase The city will be using tax increment dollars to <br /> reimburse itself for additional costs associated with the land purchase <br /> for this project which was completed in the fall of 1993. At that time <br /> • the project costs did not include a piece of land which was later <br /> purchased by the EDA for the project. <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 />