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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> ?c, ROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: May 29, 1997 <br /> SUBJECT: June 2nd Worksession Discussion <br /> L Purpose of Memo <br /> The purpose of this memo is to outline the discussion for the <br /> worksession on June 2, 1997, regarding an informal developer request <br /> for tax increment assistance to complete the development project at the <br /> southeast quadrant of Main Street and Hwy. 169. <br /> II. Overview <br /> Developer's representatives have informally requested tax increment <br /> financing (TIF) assistance in order to complete the proposed project. <br /> They have indicated a final decision on whether to proceed with this <br /> project has not been made at this time and will depend upon whether <br /> TIF assistance will be provided for the project. Such a decision is <br /> likely to be made once the results of the eastern corridor feasibility <br /> study have been completed in July. The developer has sited <br /> extraordinary costs already incurred or anticipated which make the <br /> project unfeasible. <br /> It appears through staffs initial research, that a redevelopment tax <br /> increment district could be qualified for a portion of the 70 acre site <br /> which is proposed to be redeveloped. Tax increment dollars generated <br /> could be used for the following eligible activities: <br /> • Land acquisition <br /> • Trunk utility extensions to service the site <br /> • Road improvements necessary to facilitate traffic movement for <br /> the project <br /> • Possible construction of road along the eastern portion of the <br /> • site <br /> P.O. Box 490 • 13065 Orono Parkway• Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />