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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> 6 <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> rr, <br /> Development <br /> DATE: March 4, 1998 <br /> SUBJECT: Agenda Memo for March 9, 1998, <br /> Meeting <br /> 5. Consider David Decker Development Agreement <br /> Issue <br /> Consideration of the Decker Development Agreement is the final step <br /> in the process of agreeing to provide a tax increment subsidy to this <br /> • project. As you may recall, the Tax Increment Plan for this District <br /> was approved by the City Council on February 17. <br /> Background <br /> The Decker project is a 25,000 square foot multi tenant industrial <br /> project located on east Highway 10. Mr. Decker has requested <br /> $160,000 in TIF assistance. <br /> The form of Development Agreement which is attached to this memo <br /> has been reviewed by the city attorney's office. This Development <br /> Agreement form, although lengthy, is being used by various <br /> municipalities across the state. It is a form which the state auditor <br /> can view, if requested, and become immediately familiar with due to <br /> its common use. Staff feels this familiarity is an advantage to using <br /> this form due to the significant scrutiny which TIF documents have <br /> had over the past several years by the state auditor's office. For this <br /> reason staff intends to use this identical form, with modifications, to <br /> meet the circumstances and issues of future tax increment projects. <br /> In instances where tax increment is provided on a pay-as-you-go basis, <br /> • there is minimal risk to the city/EDA to participate in the project. <br /> With this in mind the various issues within the attached Development <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 />