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Wit e _ 2d74 etna /a 515 Little Canada Road, Little Canada, MN 55117 -1600 (612) 484 -2177 / FAX: (612) 484 -4538 MEMORANDUM MAYOR Raymond G. Hanson COUNCIL Beverly Scalze Bill Blesener Rick Collova Jim LaValle ADMINISTRATOR Joel R. Hanson TO: Mayor Hanson and Members of the City Council FROM: Joel Hanson, City Administrator. DATE: March 6, 1992 RE: Tax Increment Financing Plan Amendment District 1 -4 Attached is a resolution prepared by Mary Ippel of Briggs & Morgan calling for a public hearing to be held April 22, 1992 at 7:30 p.m. for the purpose of amending the budget for the Tax Increment Financing Plan for District 1 -4 (Grieman property). This amendment is being proposed in conjunction with the potential development of the site by St. Jude Medical, Inc. As you will recall, this is an economic development district that was established on April 25, 1990. St. Jude is considering the site for construction of a manufacturing facility that would compliment the main site on Lillehei Plaza. This district has between six and seven years left of increment generation capability. It is anticipated that a majority of increment generated by the St. Jude project will be needed to assist the development given expenses of site development costs. The proposed use of tax increment proceeds is on a "pay as you go" basis. The development agreement for this project is presently being negotiated. It should be noted that St. Jude has applied for rezoning of the site and PUD approval for the project. It should also be understood that they are doing this concurrently in other jurisdictions as well. At this time, the project is not a certainty for our community. Should you have any comments or questions regarding this matter, please let me know. JRH:kpv Enclosure Page 1