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will keep the city's inflation factor low. <br />Mr. Wessel explained that once the EDA authorizes preparation of TIF District 1-7, Mr. <br />Batty will prepare a TIF plan, and will send it to Centennial School District and Anoka <br />County for review. <br />Mr. Wessel informed the board he is committing approximately $ 160,000 in TIF <br />assistance on the $950,000 project. The assistance will pay for itself through <br />generation of more than $250,O0O in increment. He is in the process of finalizing the <br />arrangements with Nol-Tec. The TIF assistance will be used to reimburse Nol-Tec <br />$8,000 in administration costs, S90,249 in assessments, and $62,400 towards <br />writing down the cost of the land. Nol-Tec will be responsible for $54,600 in land <br />costs. He noted that Ron Batty will appear at the public hearing to explain the final <br />TIF arrangements. <br />EDA member Kuether moved to adopt resolution 95-01 authorizing preparation of a <br />Tax Increment Financing Plan for Tax Increment Financing District No. 1-7. EDA <br />Member Elliott seconded the motion. The motion carried unanimously. <br />ADJOURNMENT <br />EDA Member Elliott moved to adjourn. Motion was seconded by EDA Member <br />Bergeson. Meeting adjourned at 6:20 p.m. <br />