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ITEM 6.1. MEMORANDUM ty of lkRier vTO: Planning Commission FROM: Paul T. Steinman, Director of Economic Development DATE: June 16, 1998 SUBJECT: TIF District No. 19 (Hohlen Project) Issue The purpose of this agenda item is to complete a review of the attached TIF Plan for TIF District No. 19 and to consider such Plan to be in conformance with the general plans for the development and redevelopment of the city as described in the Comprehensive Plan. Background • As is required in the case of creation of a new Tax Increment Financing (TIF) District, the planning body of the local government unit is required by state statute to review the proposed Plan. The Elk River Planning Commission, acting as the local planning body, therefore, is required to address the issue of the attached Plan relative to its conformance with the city's Comprehensive Plan and act upon the attached resolution. TIF District No. 19 is proposed to be established by resolution of the City Council on July 13, 1998. The various required steps to create TIF District No. 19 have been completed and include mailing a draft TIF Plan and Tax Impact Statement to the School District and County Board. The concept currently under discussion for development of this 108 acre site is a mixed use project including a variety of retail with two big boxes, and an approximate 40 acre business park on the south section of this TIF District. The commercial development and business park plans coincide with the proposed construction of a new transportation corridor running adjacent to the east side of this TIF District from County Road 12 south to connect with 171St Avenue/Highway 10. The project area is currently zoned highway commercial (C3), planned unit • development (PUD), two family residential (R-2b), business park (BP), and 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD & Phone: (612) 441-7420 • Fax: (612)441-7425