EDSR 08-08-1995 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM TO: EDA Commissioners FROM: William Rubin,Executive Directo r DATE: August 8, 1995 D V SUBJECT: Agenda Memo for EDA Workshop INTRODUCTION 1. Prioritization of TIF Expenditures from District No. 1 and No. 3 and Former District No. 4 In June, EDA Commissioners began discussing how funds from the above- referenced districts could be expended in the future so as to meet the test of"bond obligations or contractual obligations"as debated in St. Paul last spring. i • My notes from the workshop indicate that at least four proposed expenditures were discussed: • East highway 10 utilities buydown; • Business park initiatives(carrying assessments): • Downtown redevelopment initiatives/riverfront; • District No. 728 utilities buydown(new highschool) Included as an attachment to this memo is an estimated from Lori Johnson regarding balances in TIF No. 1 and No. 3 account(approaching $500,000 plus$51,000 currently used as 20 percent debt service coverage on the Library bond) and the former TIF No. 4 account(approaching$445,000). In addition, City Council minutes from October 11, 1993 and November 14, 1994 which describe previous City Council action on various TIF funds is included for your review. Previously,the City Council allocated$400,000 in the TIF funds from Districts.No. 1 and No. 3 to be used for land acquisition of industrial park sites(in the western area) and land acquisition for industrial sites(eastern area). In late 1994, approximately$430,000 in TIF funds from former District No. 4 were pledged for the business park and to buydown utilities for the new senior highschool: Presumably,the$430,000 would replace funds fromTlF districts No. 1 and No. 3 that were committed by Council action in 1993. 1111 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