EDSR MEMORANDUM 02-09-1998 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY • MEMORANDUM TO: Economic Development Authority ROM: Paul T. Steinman, Director of Economic `' Development DATE: February 4, 1998 SUBJECT: Agenda Memo for February 9, 1998, Meeting 5. Tax Increment Financing Plan for Tax Increment Financing District No. 18 (Morel!) A worksession was held by the EDA on February 2, 1998, to discuss and provide direction to staff on a variety of issues related to the Morrell project. At that time, staff brought forward the Tax Increment • Financing Plan and draft Development Agreement for discussion with the EDA. The following directives regarding the provision of tax increment assistance were provided at that meeting: • $300,000 at 0 percent interest to be provided proportionately in the years 2000-2008, ($33,333 per year). • $50,000 to be provided as an up front incentive. • Demolition and clearing of their current facility will be completed by at least June 2000. The Development Agreement will be brought forth for approval by the EDA in March and by the Council on April 6, 1998 - at the time of final approval of the Tax Increment Financing District. Attached to this memo is the final Tax Increment Financing Plan for Tax Increment Financing District No. 18 and the final schedule for establishment of Tax Increment Financing District No. 18. In summary, the Plan identifies that $350,000 total will be provided to the Morrell project as an incentive to relocate from their current site and to construct a new facility of approximately 45,000 square feet on 171st Avenue. Three hundred thousand dollars of this assistance will • provided over time between the years 2000 and 2008 in semi annual 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment