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<br />" <br /> <br />CASE :ff1: <br /> <br />REQUEST FOR CITY PARTICIPATION (TAX INCREMENT FINANCING) IN <br />PROPOSED PROJECT; CASE OF MR. TODD ELOFSON <br />By: Community Development Director Anne Norris <br /> <br />Background: <br /> <br />Mr. Todd Elofson is proposing to construct a 40.000 square foot <br />commercial/retail facility in two phases on his plat south of Highway 10 <br />and west of Sunfish Lake Boulevard. The facility will be constructed of <br />rock faced concrete block. <br /> <br />Mr. Elofson is requesting approximately $270.000 in City participation for <br />site improvements for the project including site filling and grading. <br />landscaping. drainage and security lighting. <br /> <br />The proposed project is located within Tax Increment Financing District No. <br />4 in Development District No.1. <br /> <br />For your information. the following items are enclosed: <br /> <br />a) Site location map <br />b) Proposed site plan <br />c) Application for tax increment financing <br /> <br />Observations: <br /> <br />The City's tax increment financing policy requires Economic Development <br />Commission review of all tax increment financing requests with respect to <br />the following: <br /> <br />a) Will the request lead to an increase in full-time permanent <br />employment opportunities in the City? <br />b) Will the reque st allow for the expansion or reten t i on of an <br />existing local business? <br />c) Will the request lead to the development of certain public <br />improvements which will in turn attract additional future <br />development? <br />d) Will the request encourage/assist future development in the area? <br />e) Will the request increase the tax base of the City? <br /> <br />Recommendation: <br /> <br />Commission Action: <br /> <br />Motion to: <br />Recommend approval/denial of the request by Todd Elofson for City <br />participation in his proposed project. <br /> <br />Review Checklist: <br /> <br />Administrator -K- <br />At t orney <br />Engineer <br />Community Development Director -K- <br /> <br />Chief of Pol ice <br />Finance Officer <br />Public Works Superintendent <br />Bond Counsel <br /> <br />...L <br /> <br />I <br />