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ITEM 6.1. <br /> MEMORANDUM <br /> tyof � <br /> 1kRiver TO: Planning Commission <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: November 19, 1996 <br /> SUBJECT: Tax Increment Financing District No. 16 <br /> (King and Main) <br /> Issue <br /> Complete a review of Tax Increment Financing District No. 16 and consider <br /> it to be in conformance with the Comprehensive Plan of the City of Elk River. <br /> Attachments <br /> • • Draft TIF District No. 16 - Includes Boundary Map of TIF District No. 16 <br /> • Site Zoning Information <br /> • Site Land Use Information <br /> • Letter and Site Plan from Developer <br /> Background <br /> In June, 1996, the Housing and Redevelopment Authority purchased three <br /> parcels at the corner of King and Main Street for the purpose of <br /> redevelopment. A commitment letter was received from Dennis Chuba of The <br /> Chuba Company as an intent to redevelop the site with construction of an <br /> approximately 12,000 square foot commercial building. The building would <br /> be multi-tenant with uses compatible to the existing zoning requirements. <br /> As is required in the case of establishment of new tax increment financing <br /> districts, the planning body of the local governing unit is required to take <br /> action on the proposed plan. The Planning Commission, in this case, is <br /> required by state statute to review and find the plan to be in compliance with <br /> the Comprehensive Plan of the City of Elk River. <br /> • <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />