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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 /> iQ Development <br /> DATE: March 9, 1998 <br /> SUBJECT: Worksession Agenda Memo <br /> 3. Summary of Issues for Discussion <br /> The purpose of this worksession is to discuss the various details of the <br /> Associated Builders tax increment financing request to facilitate a <br /> mixed use project at the corner of Highway 169 and MainStreet. Staff <br /> suggests that the EDA proceed with the worksession discussions <br /> keeping the following primary assumptions in mind: <br /> m <br /> Assumption#1 No due diligence or negotiation has been coltd pee. <br /> regarding the requested level of tax increment <br /> assistance. The developer's requested amount of <br /> approximately $4.4 million will be used only as a <br /> basis for the discussion at this worksession. <br /> Assumption#2 Assume that the boundaries of the District <br /> identified in the TIF application can be qualified as <br /> a redevelopment tax increment financing district. <br /> Assumption#3 The reason for discussing the concept of tax <br /> increment assistance for this project is to achieve <br /> the goal of creating a 40 acre business park and to <br /> bring utilities to the eastern area. <br /> At the end of the worksession staff recommends that the EDA provide <br /> direction on the following two issues: <br /> • Should staff, and financial/legal consultants complete the <br /> necessary due diligence on the developer's request and <br /> 110 <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 />