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<br />A.I ~\ <br />( II <br />Ilk River <br /> <br />ITEM 3. 1. <br /> <br /> <br />MEMORANDUM <br /> <br />TO: MAYOR AND CITY COUNCIL <br /> <br />FROM: WILLIAM RUBIN, ECONOMIC <br />DEVELOPMENT COORDINAT~Y1- <br /> <br />DATE: FEBRUARY 9, 1994 <br /> <br />SUBJECT: TIF REIMBURSEMENT REQUEST <br />(MAIN STREET & FREEPORT <br />AVENUE PROJECT) <br /> <br />INTRODUCTION <br /> <br />Mr. Dennis Chuba of the the Chuba Company requests a tax increment financing (TIF) <br />reimbursement for the eligible expenses incurred at the Main Street and Freeport Avenue <br />office townhouse project. The amount of the request is $24,161.82. <br /> <br />e <br /> <br />BACKGROUND <br /> <br />On August 16, 1993, the Elk River City Council approved an amendment to Tax <br />Increment Financing Plans No.1 and No.3. The plan amendment enabled the City to pay <br />for certain redevelopment costs such as demolition, foundation removal, soil boring and <br />analysis, compaction, site preparation, and utility extensions, etc. associated with the <br />office redevelopment project at Main Street and Freeport Avenue. <br /> <br />To support this project, Mr. Chuba requested TIF assistance in the amount of $60,000. <br />The Council approved a budgetary amendment to Plans No.1 and No.3 in the amount of <br />$50,000 for Mr. Chuba's project. Subsequently, the Elk River Housing and <br />Redevelopment Authority (lIRA) agreed to fund up to 50% of the demolition and site <br />preparation costs - up to maximum contribution of$25,000. <br /> <br />Staff is in receipt of invoices totaling $24,161. 82 for various eligible expenditures <br />associated with this redevelopment project. In addition, the developer has provided staff <br />with lien waivers which provides evidence that the developer has paid the subcontractors. <br /> <br />e <br /> <br />The City Council can also expect another TIF reimbursement request for costs associated <br />with the foundation removal of the second residence-office and its detached garage at 317 <br />Main Street. <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />