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.--(./ �"� ITEM # 6. 1. <br /> ify of �/ <br /> 11River <br /> MEMORANDUM <br /> TO: Planning Commission <br /> FROM: Paul Steinman, Director of Economic <br /> Development <br /> DATE: November 24, 1998 <br /> SUBJECT: Tax Increment Finance District No. 9 - <br /> Budget Modification <br /> Issue <br /> Staff is, under the direction of the Economic Development Authority and City <br /> Council, undertaking a budget modification for Tax Increment Financing <br /> District No. 9 - Tescom. As with the creation of any new tax increment <br /> district and modification of budgets within existing tax increment districts, <br /> III <br /> the Planning Commission is required to review and act upon the issue of <br /> whether the use within the proposed or existing tax increment district is <br /> consistent with the general plans for the development and redevelopment of <br /> the city, and conforms to the comprehensive plan of the city. <br /> TIF District No. 9 is located in the Elk River Industrial Park encompassing <br /> parcels owned and utilized by Tescom Corporation, a manufacturer of high <br /> purity controls valves. The property is zoned and guided light industrial. In <br /> staffs opinion, the current use conforms to the zoning, land use, and <br /> comprehensive plan of the city. <br /> Recommendation <br /> Staff recommends approval of Resolution 98- 4 Finding that the <br /> Modification to the Budget For Tax Increment Financing District No. 9 <br /> Conforms to the General Plans for the Development and Redevelopment of <br /> the City. <br /> s:eda/tif/perpttf9 <br /> III <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612) 441-7420 • Fax: (612)441-7425 <br />