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<br />MEMO <br /> <br />DATE: February 22,2001 <br /> <br />TO : Honorable Mayor and Council <br /> <br />FROM: Jim March <br /> <br />RE : Tax Increment - First Class Concrete <br /> <br />............................................................................ <br /> <br />I have received a request for tax increment financing from Mr. Scott Byrkit owner of <br />First Class Concrete. He has purchased a lot north ofR+R Leasing, Inc. and he has been <br />attempting to obtain financing for an office/warehouse building for about the last two <br />years. <br /> <br />Previous Council had expressed some interest in offering tax increment financing for this <br />project. I indicated to Mr. Byrkit that the first step would be to get a financing <br />commitment from a bank. However, this item has prompted the ability for Council to <br />review the current tax increment financing policy. I would like Council to review the <br />current tax increment financing policy and discuss whether or not the Council wishes to <br />make any modifications to the policy at this time. I am aware that there are bills in the <br />legislature currently to abolish tax increment financing. This may be an issue that we <br />want to examine for a while, however I did want to make the Council aware that we <br />already have a formal written policy in place on this issue. <br />