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( l \ ITEM 14 <br /> \14 <br /> Oiy of / TO: PLANNING COMMISSION <br /> Elk <br /> FROM: WILLIAM RUBIN, ED COORDINATO V. <br /> River � <br /> DATE: JULY 19, 1993 <br /> SUBJECT: PROPOSED MODIFICATION TO TAX <br /> INCREMENT PLANS NO. 1 AND NO. 3 <br /> INTRODUCTION <br /> On Monday, August 16 , 1993, the Elk River City Council will <br /> conduct a public hearing to consider an amendment to Tax <br /> Increment Financing Plans No. 1 and No. 3 . The proposed <br /> modification will amend the respective Plans to authorize <br /> additional tax increment expenditures that are not currently <br /> referenced in the Plans . <br /> BACKGROUND <br /> The August 16 public hearing relates to a request for Tax <br /> Increment Financing (TIF) assistance from Mr. Dennis Chuba, The <br /> Chuba Company. If approved, the TIF funds would assist Mr. <br /> Chuba with a second office townhouse/condo at East Main Street <br /> • and Freeport Avenue. This project is a continuation of an <br /> initial office building that was constructed by Mr. Chuba at <br /> East Main Street and Evans Avenue in 1992 . Mr. Chuba is <br /> proposing the construction of a phased, 10, 000 square foot <br /> office building that will take up the balance of the property <br /> west of the 1992 office building and ending at Freeport <br /> Avenue. This activity will result in the demolition of two <br /> single family homes at 317 and 323 Main Street respectively. <br /> TIF funds would be used by Mr. Chuba to pay for certain public <br /> redevelopment costs (that iso demolition, site preparation, <br /> foundation compaction, etc. ) associated with the project. All <br /> of these costs are eligible for tax increment reimbursement <br /> under Minnesota Statutes . <br /> Mr. Chuba has requested $60, 000 in TIF assistance. In 1992, <br /> Mr. Chuba received $20,000 for his redevelopment project at <br /> East Main Street and Evans Avenue. That project consisted of a <br /> 6,400 square foot, 3 suite office with a finished market value <br /> of $440,000 . As with the 1992 request, the creation of a new <br /> TIF District is not being proposed. <br /> ACTION REQUESTED <br /> Following its review of the proposed modification to TIF Plans <br /> No. 1 and No. 3, the Elk River Planning Commission is asked to <br /> . find that the amendment is consistent with the City' s <br /> Comprehensive Plan. The Planning Commission' s recommendation <br /> and findings will be forwarded to the City Council for <br /> consideration at the August 16 public hearing. <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />