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Chaska council, EDA authorize letter of intent for TIF to support EDCO headquarters
Summary
City Council and the Chaska Economic Development Authority authorized a non-binding letter of intent to pursue an eight-year economic development TIF for a proposed EDCO headquarters and manufacturing facility in the Southwest Chaska Business Park; estimated assistance up to three times the taxes (about $1,644,000) was outlined in the LOI.
Chaska council, EDA authorize letter of intent for TIF to support EDCO headquarters City staff asked the City Council and, separately, the Chaska Economic Development Authority to authorize a non-binding letter of intent (LOI) to begin the tax-increment financing (TIF) process for a proposed EDCO headquarters and prefinished-metal-siding manufacturing facility in the Southwest Chaska Business Park. The LOI matters because it begins the formal steps to prepare a TIF district and development agreement that could provide public assistance to offset eligible project costs and off-site infrastructure needed to…
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