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1 A. ITEM 9 <br /> fil..ity of TO: ELK RIVER PLANNING COMMISSION <br /> ik/ • FROM: WILLIAM RUBIN, ECONOMI <br /> River DEVELOPMENT COORDINATO <br /> DATE: OCTOBER 19 , 1993 <br /> SUBJECT: REVIEW OF TAX INCREMENT FINANCING <br /> PLAN FOR TAX INCREMENT FINANCING <br /> DISTRICT NO. 12 <br /> INTRODUCTION <br /> UkK' 'h ►-7j, <br /> On Monday, Novcmbcr 15, 1993, the Elk River City Council will <br /> conduct a public hearing to consider a Tax Increment Financing <br /> Plan for Tax Increment Financing District No. 12 . Pursuant to <br /> Minnesota Statutes, the Planning Commission is required to <br /> review and comment on proposed tax increment financing plans <br /> prior to the City Council conducting a public hearing. <br /> BACKGROUND <br /> The Elk River Economic Development Authority (EDA) is proposing <br /> the creation of Tax Increment District No. 12 . The District <br /> will be comprised of two parcels (PID No. 75-404-0150 and No. <br /> III 75-404-0151) which make up the following legal description: <br /> The West 71 . 7 feet of Lot 15, Auditor's Subdivision No. 4 . <br /> The request for tax increment assistance comes from Kurt <br /> Kjellberg/Kjellberg' s Carpet and Interiors, 16862 Highway 10, <br /> Elk River, Minnesota. Mr. Kjellberg seeks $165, 000 in tax <br /> increment financing assistance to support the proposed <br /> construction of a 12,000 square foot retail building in the Elk <br /> River Central Business District. Tax increment funds would be <br /> used for site preparation costs associated with the <br /> redevelopment of the above-referenced site. <br /> The Elk River EDA is proposing the creation of a "Redevelopment <br /> TIF District" . It is estimated that TIF District No. 12 would <br /> last twelve to thirteen years, during which time the City/EDA <br /> would collect the tax increment payments for a period of ten to <br /> eleven years . Collection of the tax increment funds would be <br /> used to pay the EDA for its costs associated with this project. <br /> ACTION REQUESTED <br /> The Elk River Planning Commission is asked to review the TIF <br /> Plan to ensure that it is consistent with the City' s <br /> Comprehensive Plan. The Planning Commission' s comments and <br /> • finding will then be forwarded to the City Council for <br /> consideration at the November 15th public hearing. <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />