12.0. EDSR 04-08-1996 - Laserfiche WebLink

Home Browse Search

Alk ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY Item 12. MEMORANDUM TO: Economic Development Authority FROM: Patrick Klaers, Executive etor DATE: April 8, 1996 SUBJECT: TL Feeding Systems Update Staff and the Mayor met with the owners and representatives of TL Feeding Systems on 4/2/96 in order to get an update on their development project. As the EDA may recall, TL Feeding Systems is scheduled to construct a facility at the west end of Business Center Drive on an approximately 3 acre site (see • attached map). It is anticipated that the land purchase will be finalized in the very near future and that TIF District No. 13 can then be implemented. There was some good news discussed at the 4/2/96 meeting whereby it appears that the TL Feeding project will be expanded from what was discussed in September,1995 with the approval of TIF No. 13. The investment of the company will be much more substantial and the square footage of the building will more than double. If this proposal does take place and the project grows to 43,000 square feet and the investment in the building, site development, and land goes to approximately $1.4-1.5 million, then it is logical to assume that the company will be requesting an increase in TIF assistance to help with additional land acquisition costs and site preparation costs. However, the city would not exceed its 15 percent guideline for TIF assistance for this project. Nothing is finalized at this point and this is just offered as a verbal update to the EDA. However, if something comes to the city in writing, we may have to call a special meeting for Monday, April 22, 1996, in order to begin the process of amending the budget in TIF No. 13. s:\eda\meetings\tlfeed.doc • 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