12.0. EDSR 04-08-1996 Alk ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
Item 12.
MEMORANDUM
TO: Economic Development Authority
FROM: Patrick Klaers, Executive etor
DATE: April 8, 1996
SUBJECT: TL Feeding Systems Update
Staff and the Mayor met with the owners and representatives of TL Feeding
Systems on 4/2/96 in order to get an update on their development project. As
the EDA may recall, TL Feeding Systems is scheduled to construct a facility
at the west end of Business Center Drive on an approximately 3 acre site (see
• attached map). It is anticipated that the land purchase will be finalized in
the very near future and that TIF District No. 13 can then be implemented.
There was some good news discussed at the 4/2/96 meeting whereby it
appears that the TL Feeding project will be expanded from what was
discussed in September,1995 with the approval of TIF No. 13. The
investment of the company will be much more substantial and the square
footage of the building will more than double. If this proposal does take
place and the project grows to 43,000 square feet and the investment in the
building, site development, and land goes to approximately $1.4-1.5 million,
then it is logical to assume that the company will be requesting an increase
in TIF assistance to help with additional land acquisition costs and site
preparation costs. However, the city would not exceed its 15 percent
guideline for TIF assistance for this project.
Nothing is finalized at this point and this is just offered as a verbal update to
the EDA. However, if something comes to the city in writing, we may have to
call a special meeting for Monday, April 22, 1996, in order to begin the
process of amending the budget in TIF No. 13.
s:\eda\meetings\tlfeed.doc
•
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 •Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
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