City Council Meeting Date: August 21, 2018
To: Mayor and City Council
City Administrator
From: Nate Carlson, Economic Development Coordinator
Chris Heineman, Community Development Director
Title
Presentation of Business Subsidy/TIF Request by Strobel and Werner Real Estate Holdings Incorporate (dba Aurora Pharmaceutical).
Body
Action Requested:
None. Staff is providing advance information only at this meeting. The public hearing and future regular meeting item will be an opportunity for the public comment, questions, and council deliberation on the issue.
Summary Report:
Strobel and Werner Real Estate Holdings Incorporate (dba Aurora Pharmaceutical) is requesting Tax Increment Financing (TIF) incentives from the City of Northfield to assist with a major planned expansion of the current facility. Dr. Michael Strobel and Dr. Mark Werner (owners) have submitted an application for an Economic Development TIF District which can be found attached to this report. The proposed pay-as-you-go TIF District requires the developer to pay all development costs with their own funds. As the net tax capacity of the district increases, the increase in property taxes paid by the developer (tax increment) can be used to reimburse the developer for eligible costs such as land acquisition, site preparation, and public infrastructure.
Community Development staff began working with Dr. Strobel and his development team in March, 2018. Community Development Director Chris Heineman and Economic Development Coordinator Nate Carlson met with the developer regarding the project scope and required land. After examining several potential options, it was determined that no other alternative would accommodate Aurora Pharmaceutical's needs and facilitate the proposed expansion project.
City Planner Scott Tempel worked with the developer on the site plan and the Development Review Committee (DRC) conducted a formal review of the proposed project on Monday, July 16. A copy of the...
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