8.0. EDSR 04-08-1996 - Laserfiche WebLink

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ITEM 8. Ai ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY IIP MEMORANDUM TO: Economic Development Authority FROM: Pat Klaers, Executive Director DATE: April 8, 1996 SUBJECT: EDA Public Hearing on Tax Increment Financing Plan for Tax Increment Financing District No. 14 (Marketech, Inc.) Introduction At its March 11, 1996, meeting, the Elk River EDA authorized a public hearing for April 8, 1996, to consider a Tax Increment Financing Plan for Tax Increment Financing District.No. 14. 0 Background Attached for your review is the material that was provided to the EDA on 3/11/96 when this public hearing was called. This information should provide you with the background on the Marketech, Inc., project. The information in this 3/11/96 memo is still valid with only some minor changes. Two changes that should be noted are that the value of the project has increased based on input from the county assessing department and, based on this increased value,the TIF assistance is,capped at $65,000(the cost of the land) and we are not using any reference to 17 percent. These changes show up in the attached TIF No. 14 Plan for Marketech. This request for TIF assistance comes from Rich Duggan who is the owner of Marketech, Inc. Marketech needs additional space to enable the company to grow. This project would allow Marketech to be located in an owner occupied facility and move out of the two leased spaces from which it currently operates. The Marketech, Inc., proposal calls for the construction of a 9,324 square foot office and manufacturing facility to be located on Lots 6 and 7, Block 1, • McChesney Industrial Park. The TIF Plan for TIF District No. 14 reflects a valuation of approximately $400,000. Marketech is seeking $65,100 in tax P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment