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MEMO <br /> DATE : April 20, 2000 <br /> TO : Honorable Mayor and Council <br /> FROM : Jim March <br /> RE : Tax Increment Financing Assistance - First Class Concrete <br /> Included in your packet is a letter that was received from First Class Concrete. They <br /> have requested tax increment financing to assist in the development of their proposed <br /> speculative office /warehouse building. The City has received an escrow check in the <br /> amount of $5000 from First Class Concrete to have the City Financial Advisors explore <br /> this option. First Class Concrete has conducted soil borings that have indicated that the <br /> site will require significant soil corrections prior to development. <br /> If the City Council wishes to explore tax increment financing for this project, a motion <br /> directing staff to work with Ehlers to establish a tax increment district would be <br /> appropriate. Establishment of a tax increment financing district is an involved process <br /> that requires holding a public hearing and making a presentation to the County Board. I <br /> will have some preliminary discussions with Ehlers to explore whether or not this project <br /> would qualify as a "soils condition district ". <br /> I am including some background information on tax increment financing to help explain <br /> TIF to the Council members that may not be familiar with this economic development <br /> tool. If you have any questions on this issue, please call me. <br />