4.0. SR 01-31-1994 - Laserfiche WebLink

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r I -'\( ( II ~lil River AGENDA ITEM 4. MEMORANDUM TO: MAYOR & CITY COUNCIL FROM: WILLIAM RUBIN, ED COORDINAT~Yl.- JANUARY 27, 1994 DATE: SUBJECT: TIF PLAN FOR TIF DISTRICT NO. 12 (REDEVELOPMENT PROPOSAL FOR EDA MAIN STREET SITE) INTRODUCTION The Elk River City Council will consider a request for tax increment financing (TIF) assistance in the amount of $235,000 to support the proposed construction of a two- story, 12,000 square foot retail-office facility in the Elk River Central Business District. The proposed site of this redevelopment project is located within the 600 block of Main Street on two parcels of land that are owned by the Elk River Economic Development Authority (EDA). If approved, TIF District No. 12 would be created - the boundaries of which would encompass the two redevelopment parcels. e BACKGROUNDIHISTORY The Elk River EDA is proposing the creation of a "redevelopment TIF District". Previously, the EDA approved the TIF Plan for TIF District No. 12 following a public hearing on November 15, 1993. By way of action at its meeting on October 18, 1993, the City Council delayed its portion of the public hearing from November 15 to December 13, 1993. It was also at this December meeting that the City Council considered the conditional use permit (CUP) for the Elk Park Center project. Consequently, action on the TIF request was delayed. At its meeting on December 20, the City Council denied the request for TIF assistance but agreed to reconsider it at a meeting scheduled for January 10, 1994. Because input and comment was sought from the Elk River Area Chamber of Commerce, no action was taken at the January 10 meeting. The request for TIF assistance was further delayed until January 31, 1994. DISCUSSION - TIF REQUEST .> A. The Project: Mr. Kurt Kjellberg/Kjellberg's Carpet and Interiors, 16862 Highway 10, Elk River, Minnesota is proposing the construction of a two-story, 12,000 square foot retail-office facility on the EDA Main Street Redevelopment site. Mr. Kjellberg was recently awarded a Carpet One franchise which necessitates the expansion of his existing sales floor. Carpet One would occupy the 6,000 square feet on the at-grade level; the below-grade level would be leased to other retailers and/or office users. A site plan and various elevation prospectives of the facility is attached to this memo. In addition, the P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425