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Item# 6 . 1 . Ilk of E1k' Ri Ver MEMORANDUM TO: Elk River Planning Commission FROM: Paul T. Steinman, Director of Economic Development DATE: December 18, 1997 SUBJECT: Modification of Development District No. 1 and Establishment of Tax Increment Financing District No. 17 Issue The purpose of this item is to complete a review of the attached Modification • to Development District No. 1 and the Tax Increment Financing Plan for Tax Increment Financing District No. 17, and to consider such Plans to be in conformance with the Comprehensive Plan of the City of Elk River. Background As is required in the case of creation of a new tax increment financing district, the planning body of the local government unit is required by State Statute to review the proposed Tax Increment Financing Plan. The Elk River Planning Commission, acting as the local planning body of the City of Elk River, therefore, is required to address the issue of the attached Plan relative to its conformance with the city's Comprehensive Plan. Tax Increment District No. 17 is proposed to be established by resolution of the City Council on February 17, 1998. A preliminary request for tax increment assistance has been approved by the EDA and the various required steps to create TIF District No. 17 have been put in motion as of October 14, 1997. The proposed project is for the construction of a 25,000 square foot multi tenant industrial facility in Avon Acres 2nd Addition on east Highway 10. Phase II of this multi tenant industrial project is proposed to include the • construction of 35,900 additional square feet attached to the east side of the initial 25,000 square feet. The building is proposed to be divided into 5,000 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 •TDD & Phone: (612) 441-7420 • Fax: (612) 441-7425