EDSR INFORMATION #3 02-08-1999 ifWbi
ty of �
River
February 3, 1999
Mr. David Loch
Sherburne County Board of Commissioners
13880 Highway 10
Elk River, Minnesota 55330
Dr. David Flannery
Independent School District No. 728 Board
327 King Avenue
Elk River, Minnesota 55330
Dear Mr. Loch/Dr. Flannery and County Board/School Board Members:
• Subject: Tax Increment Financing District No. 19 in the city of Elk River
The purpose of this letter is to provide an update to the county commissioners
and school board regarding TIF District No. 19 in the city of Elk River. This
TIF District is located at the southeast corner of the intersection of Highway
169 and Main Street - Earl Hohlen property and mobile home park.
The Economic Development Authority is currently working with the developer
on a concept which will provide tax increment dollars for redevelopment of the
mobile home park site in exchange for the developer agreeing to construct a 40
acre business park adjacent to the south side of the tax increment district.
The current concept being negotiated is for the business park to lie outside of
the boundaries of the tax increment district, thereby generating tax revenues
for the benefit of all the local taxing jurisdictions. The business park is
planned to have a five to seven year build out schedule for approximately
350,000 square feet of industrial space. In this case, tax increment dollars are
being used to leverage the construction of a 40 acre business park south of the
proposed commercial redevelopment.
•
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD & Phone: (612)441-7420 • Fax: (612) 441-7425
• Dave Loch/Dr. Flannery
February 3, 1999
Page Two
If you have any questions or comments regarding this or any other economic
development issue, please feel free to call me at 441-4905.
Sincere' ,
�•�2 c
-
@aul T. teinman
Director of Economic Development
PTS:akh
c: Economic Development Authority
Pat Klaers, City Administrator
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