09-26-1997 - Laserfiche WebLink

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_ � , • _ ._.. .� �_ �� _ ,_ __ „�. . - To: From: Dafie: Subject: (5.B.) Staff Memo Economic Development Commission Members Cathy Bennett, Director of Economic Developmenfi J u ly 17, 1997 Introduction of Upcoming Requests for Tax Increment Assistance This week I am expecting information regarding two different requests for tax increment financing assistance. Although there is insufficient time for me to review them prior to the meeting I did want to provide you with a preliminary introduction of the projects that will be coming back for consideration in October. Conference Facility Addition to the Mermaid: Charlie and Dan Hall have made a request for tax increment assistance for a proposed addition of a 500 capacity banquet/conference facility to the Mermaid. They will be requesting assistance with site assembly and funds to offset the costs of drainage and parking. The facility would add an estimated $800,000 to $1 million dollars of value to the Mermaid. Currently, the Hall's have submitted a deposit for evaluation of TIF funds for their proposal. I have forwarded this information to Dave Maroney with Community Partners who will run some preliminary projections and develop a list of considerations\comments on the project. I hope to have this complete for the meeting for your review but did not have the information or analysis prior to the complefiion of this packet. Portable Products/Fiscars (Mounds View Business Park): I have been approached by Patrick Pelstring of Public Resource Group who is representing Portable Product/Fiscars Corporation loca#ed in the Mounds View Business Park. They are interested in expanding in their location in Mounds View but would require the relocation of Sims Deltec to another building in the Business Park. Sims Deltec would consider relocating to another building but have invested an estimated $700,000 in tenant improvements that they would need to recoup through the move. Mr. Pelstring will be making an application for TIF assistance to enable the retention of both of these companies in Mounds View. Again, I may have more information by the meeting but did not have the specifics of the request prior to the completion of the packet. � _____�_ � �