8.0. EDSR 09-11-1995 - Laserfiche WebLink

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ITEM 8. ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY • MEMORANDUM TO: Economic Development Authority FROM: William Rubin, Executive Directo DATE: September 11, 1995 SUBJECT: EDA Public Hearing on Tax Increment Financing Plan for Tax Increment Financing District No. 13 (TL Feeding Systems,Inc. Expansion Project) Introduction At its August 8 meeting, the Elk River EDA authorized a public hearing for September 11, 1995,to consider a tax increment financing plan for Tax Increment District No. 13. 111 Background The Request for Assistance The request for tax increment financing assistance comes from TL Feeding Systems, Inc., 8720 Wyoming Avenue North, Brooklyn Park, Minnesota. TL Feeding Systems designs and manufactures vibratory and centrifugal feeding equipment and systems that orient various products for assembling and packaging. The company currently occupies leased space and it desires a more permanent office and production facility to ensure continued growth. TL Feeding Systems is proposing to construct a 15,000 square foot office and manufacturing facility that will be located on a 3.0 acre plus/minus lot along Business Center Drive in the Elk River Business Center (Business Park). The project's finished market value (land and building) is estimated at $625,000. The company currently employs ten persons and they will be retained as part of the Elk River expansion project. TL Feeding Systems seeks $150,000 in tax increment financing assistance to support its proposed facility. Tax increment funds would be used to "write down" the cost of the land, and for general site development and site • preparation costs associated with this project. At this writing, a "pay-as-you- 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