Laserfiche WebLink
ITEM 9 <br /> TO: PLANNING COMMISSION <br /> INKlk River FROM: WILLIAM RUBIN, ED COORDINATOR/ <br /> DATE: FEBRUARY 16, 1993 <br /> SUBJECT: REVIEW OF TAX INCREMENT FINANCING <br /> PLAN FOR TAX INCREMENT FINANCING <br /> DISTRICT NO. 9 <br /> INTRODUCTION <br /> On Monday, March 8, 1993, the Elk River City Council will <br /> conduct a public hearing to consider Tax Increment Financing <br /> Plan for Tax Increment Financing District No. 9 . Pursuant to <br /> Minnesota Statutes, a Planning Commission is required to review <br /> and comment on proposed Tax Increment Financing Plans prior to <br /> the City Council conducting a public hearing. <br /> BACKGROUND <br /> Previously, the Planning Commission commented on this Plan in <br /> July, 1992 . Because the applicant for TIF assistance has <br /> switched expansion sites, revisions to the TIF Plan have been <br /> necessitated. <br /> • The Elk River Economic Development Authority (EDA) is proposing <br /> the creation of Tax Increment District No. 9 . The District <br /> will be comprised of up to three parcels, Lots 1, 2, and 3, Elk <br /> River Industrial Park 2nd Addition. The request for Tax <br /> Increment Assistance comes from Tescom Corporation, Inc. , 12616 <br /> Industrial Boulevard. The Company seeks Tax Increment <br /> Financing assistance to support its proposed 30,000 square foot <br /> expansion on the vacant site which is adjacent to its existing <br /> 34,000 square foot facility. <br /> Tax Increment Funds would be used to "write-down" the cost of <br /> the land, and for survey, topographic, and soil boring analysis <br /> on this site. As with the previous TIF District No. 9, the EDA <br /> is proposing the creation of an "Economic Development TIF <br /> District. " New property taxes from the expansion would be <br /> collected by the City/EDA until the EDA is repaid for its costs <br /> associated with this expansion project. When the costs are <br /> recovered, the TIF District is decertified. <br /> ACTION REQUESTED <br /> Following its review of the Tax Increment Financing Plan for <br /> TIF District No. 9, the Elk River Planning Commission is asked <br /> to adopt the attached Resolution which finds the Plan <br /> III consistent with the City' s Comprehensive Plan. The Planning <br /> Commission' s Resolution and findings will then be forwarded to <br /> the City Council for consideration at the March 8 public <br /> hearing. <br /> 720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />