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ITEM 5.10. <br /> ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • MEMORANDUM <br /> TO: ELK RIVER PLANNING <br /> COMMISSION <br /> FROM: WILLIAM RUBIN, <br /> EDA EXECUTIVE DIRECTO '�1 <br /> DATE: AUGUST 22, 1995 I <br /> SUBJECT: PLANNING COMMISSION REVIEW <br /> OF TAX INCREMENT FINANCING <br /> PLAN FOR TAX INCREMENT <br /> FINANCING DISTRICT NO. 13 <br /> INTRODUCTION <br /> On Monday, September 18, 1995, the Elk River City Council will conduct a public hearing <br /> • to consider a Tax Increment Financing Plan for Tax Increment Financing District No. 13. <br /> Pursuant to Minnesota Statutes, the Planning Commission is required to review and <br /> comment on each proposed Tax Increment Financing Plan(or amendment thereto)prior <br /> to the City Council conducting a public hearing. This is done to ensure that the project <br /> within the proposed Tax Increment Financing District is consistent with the City's <br /> Comprehensive Land Use Plan. <br /> BACKGROUND <br /> The Elk River Economic Development Authority(EDA)is proposing the creation of Tax <br /> Increment Financing District No. 13. The District will be comprised of a three (3) acre <br /> parcel which will be platted in the Country Crossing Business Center(Business Park). <br /> The request for Tax Increment Financing assistance comes from TL Feeding Systems, <br /> Inc., 8720 Wyoming Ave N, Brooklyn Park, Minnesota. The company designs and <br /> manufactures vibratory and centrifugal feeding equipment and systems that orient various <br /> products for assembly and packaging. Primary customers are associated with the food <br /> sector, high technology, medical sector, industrial sector, and original equipment <br /> manufacturers(OEM). <br /> TL Feeding Systems seeks$150,000.00 in tax increment financing assistance to support <br /> • its proposed construction of a 15,000 square foot office and production facility in the <br /> Business Park. Tax increment funds would be used to write down the acquisition price of <br /> the lot and for general site preparation and site development costs. <br /> P.O. Box 490 • 13065 Orono Parkway •Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />