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<br /> <br />ITEM 6.4. <br /> <br />TO: <br /> <br />SUBJECT: <br /> <br />MAYOR AND CITY COUNCIL <br /> <br />WILLIAM RUBIN, ED COORDINATO~~ <br /> <br />FEBRUARY 26, 1993 <br /> <br />TIF GRANT REQUEST FROM PERF-FORM <br />PRODUCTS, INC. <br /> <br />FROM: <br /> <br />DATE: <br /> <br />INTRODUCTION <br /> <br />At the January 25, 1993, City Council meeting, a request for <br />TIF assistance from Perf-form Products was discussed. At that <br />meeting, additional information on the Company was suggested, <br />and therefore, the Council decided to postpone a decision on <br />this matter until a later date. <br /> <br />BACKGROUND <br /> <br />Sometime after the January meeting, the Company was unable to <br />secure a Purchase Agreement on the site it identified in the <br />Elk River Industrial Park. As a result, the project was <br />delayed as the Company evaluated other sites in the community <br />and in the area. <br /> <br />~ Mr. Doug Koelfgen, President of Perf-form, has now identified a <br />site in the McChesney Industrial Park and he is prepared to <br />move forward with his expansion project based on the ability to <br />obtain a TIF Grant. The basic structure of the TIF Grant <br />remains the same. That is, TIF funds from Districts No. 1 and <br />No. 3 would be used to assist the Company with certain <br />"eligible expenditures" authorized by Minnesota Statutes. <br />Perf-form has identified specific costs which are eligible for <br />this assistance: <br /> <br />- On-site utility extensions <br />- Site preparation <br />- Land Acquisition <br /> <br />ACTION REQUESTED <br /> <br />Concurrence from the City Council is sought regarding the <br />availability of TIF funds from Districts No. 1 and No. 3 to <br />fund the costs outlined above. As with the previous request, <br />final action on a TIF Grant to Perf-form is subject to: <br /> <br />, <br /> <br />~ <br /> <br />- The filing of a TIF application <br />- Payment of a TIF application fee <br />- Execution of a Development Agreement <br />TIF payments made only after a Certificate of Occupancy is <br />issued <br /> <br />720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />