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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> ors FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: December 3, 1997 <br /> SUBJECT: Agenda Memo for December 8, 1997, <br /> Meeting <br /> 4. West Business Park Issues, Elk River Industrial Park Lot <br /> Issue <br /> The issue for discussion by the EDA at this meeting is two-fold: <br /> • Which property in West Business Park should be purchased <br /> with excess tax increment dollars from District No. 5 (Alltool) <br /> • Should a portion of these excess tax increment dollars be <br /> used to repay the EDA for its purchase of the Elk River <br /> Industrial Park lot, or should all of the excess dollars be used <br /> to purchase land in West Business Park? <br /> Background <br /> There is approximately $195,000 available in the tax increment fund <br /> for Tax Increment District No. 5 which, after recent modification of the <br /> budget in this district, is available to be used to purchase land in the <br /> West Business Park. By state statute, one of the following two issues <br /> need to be addressed prior to December 31, 1997, regarding these <br /> excess dollars: <br /> • The dollars need to be actually expended; or, <br /> • The dollars need to be committed through a formal <br /> development agreement. <br /> • <br /> 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (6I2) 441-7420 • Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />