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{ <br /> Item# 5.1. <br /> ityof <br /> �lkRiver MEMORANDUM <br /> TO: Elk River Planning Commission <br /> )-r FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: July 23, 1998 <br /> SUBJECT: Modification of Development District <br /> No. 1 and Establishment of Tax <br /> Increment Financing District No. 20 <br /> Issue <br /> The purpose of this item is to complete a review of the attached Tax <br /> Increment Financing (TIF) Plan for Tax Increment Financing District No. 20, <br /> • and to consider such Plans to be in conformance with the Comprehensive <br /> Plan of the City of Elk River. <br /> Background <br /> Part of the statutory process of creation of a new TIF district is for the <br /> planning body of the local government unit, in this case the Elk River <br /> Planning Commission, to complete a review the proposed TIF Plan. <br /> TIF District No. 20 is proposed to be established by resolution of the City <br /> Council on August 24, 1998. On July 13, 1998, the Economic Development <br /> Authority and City Council directed staff to prepare the Development <br /> Program and the TIF Plan for TIF District No. 20. The proposed project is <br /> for the construction of an approximately 35,000 to 40,000 square foot <br /> industrial facility on Lot 2, Block 1, Elk River Industrial Park. <br /> Lot 2, Block 1, in the Elk River Industrial Park is zoned light industrial with <br /> an underlying land use of light industrial. It is approximately 2.39 acres in <br /> size and is the last remaining lot to be developed in this park. The industrial <br /> use which is being proposed for this project is the manufacturing of rubber <br /> mats made primarily from recycled tire products. Supermats is currently <br /> located in Brooklyn Center and Elk River. This project will bring the <br /> • <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD & Phone: (612)441-7420 • Fax: (612)441-7425 <br />