7.1. SR 05-02-1994
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AGENDA ITEM 7.1
MEMORANDUM
MAYOR & CITY COUNCIL
FROM:
WILLIAM RUBIN, ECONOMIC
DEVELOPMENT COORDlNA~ Yl-
APRIL 28, 1994
SUBJECT: REQUEST FOR SITE PREPARATION
REIMBURSEMENT (PROPOSED
OFFICE PROJECT AT 403 MAIN
STREET)
DATE:
INTRODUCTION
The writer of this memo is in receipt of a request for Tax Increment
Financing (TIF) assistance related to a new office building proposed by T.J.
Properties (Tim and Jerry Smith) at 403 Main Street.
tt BACKGROUND
Historically, TIF assistance for redevelopment projects along Main Street
have been funded through amendments to TIF Plans No.1 and No.3. With
the $177,00 Library amendment to Plans No.1 and No.3, and, with the City
Council's commitment to fund up to $400,000 in land acquisition costs
associated with a proposed business park, available funds from TIF Plan No.
1 and No. 3have dwindled. In fact, the TIF assistance for the Freeport
Financial Center project was evenly split with a TIF amendment and a
contribution from the Elk River Housing and Redevelopment Authority
(HRA).
Therefore, it may be in order to refer this TIF request, and subsequent
requests that are linked to the redevelopment of the Main Street Corridor,
directly to the HRA for funding consideration.
ACTION REQUESTED
The City Council is asked to refer the TIF request from T.J. Properties to the
Elk River HRA for funding consideration.
tt
P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425