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<br />rll -\.) <br />( )j <br />fl~ <br /> <br />AGENDA ITEM 7.1 <br /> <br /> <br />MEMORANDUM <br /> <br />MAYOR & CITY COUNCIL <br /> <br />FROM: <br /> <br />WILLIAM RUBIN, ECONOMIC <br />DEVELOPMENT COORDlNA~ Yl- <br /> <br />APRIL 28, 1994 <br /> <br />SUBJECT: REQUEST FOR SITE PREPARATION <br />REIMBURSEMENT (PROPOSED <br />OFFICE PROJECT AT 403 MAIN <br />STREET) <br /> <br />DATE: <br /> <br />INTRODUCTION <br /> <br />The writer of this memo is in receipt of a request for Tax Increment <br />Financing (TIF) assistance related to a new office building proposed by T.J. <br />Properties (Tim and Jerry Smith) at 403 Main Street. <br /> <br />tt BACKGROUND <br /> <br />Historically, TIF assistance for redevelopment projects along Main Street <br />have been funded through amendments to TIF Plans No.1 and No.3. With <br />the $177,00 Library amendment to Plans No.1 and No.3, and, with the City <br />Council's commitment to fund up to $400,000 in land acquisition costs <br />associated with a proposed business park, available funds from TIF Plan No. <br />1 and No. 3have dwindled. In fact, the TIF assistance for the Freeport <br />Financial Center project was evenly split with a TIF amendment and a <br />contribution from the Elk River Housing and Redevelopment Authority <br />(HRA). <br /> <br />Therefore, it may be in order to refer this TIF request, and subsequent <br />requests that are linked to the redevelopment of the Main Street Corridor, <br />directly to the HRA for funding consideration. <br /> <br />ACTION REQUESTED <br /> <br />The City Council is asked to refer the TIF request from T.J. Properties to the <br />Elk River HRA for funding consideration. <br /> <br />tt <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />