10-26-1998 EDA Packet - Laserfiche WebLink

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AGENDA ITEM 3 STAFF ORIGINATOR: Brian Wessel DATE: 10/26/98 TOPIC: Resolution No. 98-05 authorizing preparation of a Plan to Modify Development District No. 1 and establish Tax Increment Financing District No. 1-9 (Apollo Business Center and Lakes Business Park) BACKGROUND: The city has a request for tax increment financing assistance from three businesses interested in locating on the G.M. Development property in the Apollo Business Center. Midwest Veneer and Pressing, Inc. is currently located in Wyoming, Minnesota. The manufacturer of architectural panels intends to purchase four acres to construct a 40,000 square foot facility. All TenI st d pection conducts mobile structural testing of cranes, hoists, amusement park rides and farm equipment. It is currently located in Blaine and is planning on purchasing two acres for its 6,500 square foot building. H&L Mesabi is planning to purchase three acres to construct a 30,000 square foo facility for its warehouse/distribution center. H&L Mesabi sells and distributes conveyors and parts primarily for aggregate producers. The company's main office is in Hibbing, with operations also in Blaine. This resolution authorizes preparation of the modification of Development District No. 1 to delete the remaining G.M. Development parcels and the Rehbein business park parcels on the southwest quadrant of the 35W interchange from TIF District No. 1-7, and reconstitute them into a new TIF District No. 1-9. TIF District No. 1-7 was established in 1995 and no longer has the capacity to provide a competitive incentive. Once the plan is prepared it will be sent to School District #12 and Anoka County for review. Later tonight the City Council will be asked to set a date for a public hearing.