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AGENDA ITEM 5 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 3/24/97 <br />TOPIC: <br />BACKGROUND: <br />Resolution No. 97-05 authorizing preparation of a <br />modified Tax Increment Financing Plan for TIF <br />District 3-1 (Clearwater Creek Development Center) <br />The city has a request for tax increment financing assistance GNW Machine, <br />Inc. and its sister company Uptec Automation, Inc. to build a 31,783-square foot <br />office/manufacturing facility for its engineering/precision parts manufacturing <br />business. The company currently has three sites in White Bear Lake, Coon <br />Rapids and North St. Paul, and plans to consolidate. The company was <br />established in 1979 and has 52 employees. They are purchasing a site east of <br />Northern Wholesale in the Cc_ <br />This resolution authorizes preparation of the modification of the plan for TIF <br />District No. 3-1. Once the plan is prepared it will be sent to School District #624 <br />and Anoka County for review. Later tonight the City Council will be asked to set <br />a date for a public hearing. <br />OPTIONS: <br />1. Adopt Resolution No. 97-05 authorizing preparation of a modified tax <br />increment financing plan for TIF District No. 3-1 <br />2. Return to staff for further consideration. <br />RECOMMENDATION: <br />Option 1 <br />