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1-1 r P - 2 2 - _ 2 G E D 1 4_1 : 5 4_l <br />PROJECT AND PLAN BACKGROUND <br />P _ .9 3 <br />The City of Little Canada adopted the Tax Increment Financing Plan <br />for Tax Increment Financing District No. 4 on April 25, 1990. The <br />City has received a request from the EMC Corporation to provide <br />public assistance for a private industrial development project. <br />The project was unable to proceed and the formal development <br />request was withdrawn. <br />St. Jude Medical, Inc. has requested that the City of Little Canada <br />assist St. Jude Medical, Inc. in an medical industrial facility on <br />the same property that the EMC request has been requested. The <br />City is now interested in pursuing the St. Jude Medical, Inc. <br />prnposa1 in order to a000mplioh the original goale and objectives <br />of the Development District Plan and Tax Increment Financing <br />District No. 4 Plan. <br />The following plan modification modifies only those sections of the <br />original plan that change due to the specific development proposal. <br />The changes primarily address the increased size and cost of the <br />proposed development. The budget has been modified to reflect the <br />increased public cost. <br />subsection 1.3, Description of Protect, <br />within Tax Increment Financing District <br />construction by St. Jude Medical, Inc., of <br />square foot medical industrial facility <br />private development cost of $14,000,000, <br />located at the intersection of Interstate <br />Highway 36 in the City of Little Canada. <br />in 1992 and be completed in 1993. <br />The project, located <br />No. 4 consists of the <br />an approximately 70,000 <br />, with an approximate <br />The facility will be <br />Highway 35E and County <br />Construction will start <br />Subsection 1,6. Development Activity in Tax Increment Financing <br />District No. 4 for which Contracts will be Entered,. The following <br />contracts will be entered into by the City of Little Canada and the <br />persons named below: - <br />St. Jude Medical, Inc. <br />Subsection 1.8. Estimated Cost of Project. The estimated costs of <br />the land acquisition, site improvements and public improvements to <br />be made within Development District No, 4 and financed by tax <br />increments will be derived from the Tax Increment Financing <br />District within Development District No. 1. <br />Page 2 <br />