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Chaska holds public hearing on proposed TIF District 25 for EDCO; final approvals scheduled for Sept. 29
Summary
Council and EDA held a published public hearing on establishing Tax Increment Financing District 25 to support EDCO's proposed industrial/manufacturing headquarters. No votes were taken; staff plans final actions and contract authorization at the Sept. 29 meetings.
Chaska held a public hearing on Monday on a proposed modification to Redevelopment District No. 4 that would create Tax Increment Financing (TIF) District 25 to support EDCO’s planned headquarters and manufacturing expansion.
Julie (staff) summarized the TIF plan. The proposed district would be located in the city’s southwest business park (southeast of Engler Boulevard and Creek Road), designated an economic development district and would run for eight years. The TIF plan estimates the incremental taxable value captured during the district’s life at about $4,800,000. Of that, the city would provide up to $1,640,000 in pay-as-you-go TIF financing to the developer (TCWG LLC), with the remaining increment available for public infrastructure on Creek Road and administrative costs.
Julie reported the project expectation that EDCO would relocate about 150 jobs to Chaska and add roughly 25 new jobs within two years at an average wage of $20 an hour; those job and wage commitments are part of the business-subsidy terms tied to the redevelopment agreement. She said the EDA previously approved a letter of intent and that final plan approvals and the redevelopment agreement are scheduled for the council and EDA meetings on Sept. 29.
John Lewis, president and CEO of EDCO, was present and available to answer questions. The council opened the published public hearing and, with no members of the public speaking, closed it without action. City staff confirmed the hearing had been published as required; because publication deadlines differed from the planning schedule, the final actions are set for the Sept. 29 council and EDA meetings.
No votes or contract authorizations were taken Monday; staff will return with final documents and the redevelopment agreement for council and EDA consideration at the Sept. 29 meetings.
