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Economic Development Authority Minutes <br />March 6, 2006 -Special Meeting <br />Page 3 <br />gain in its appeal with each additional large company that locates here. Commissioner Dwyer <br />explained that this is an opportunity to increase the city's tax base which the County and the <br />School District will benefit from. Mr. Dwyer noted that he appreciates that the Utilities <br />Commission has offered to install the direct feeder lines for both Tazget and this company. <br />Mr. Clark stated that if it is the consensus of the EDA that they would like to provide a <br />financial incentive to the company, staff can begin negotiations with the company. Mr. Clark <br />stated that if staff recognizes that there is a larger risk than originally anticipated, they will <br />return to the EDA and may request that no financial incentive be offered. <br />Commissioner Moon indicated that he is not opposed to providing financial assistance to <br />the company but is concerned that we are filling the industrial azea with companies that do <br />not offer many jobs. He stated that he believes offering the company 4%7% is fair and if <br />they request additional incentives, they can request assistance from the County. <br />President Gongoll stated that he concurs that the city should offer some fmanual incentive <br />fox the company and believes that up to 6% would be fair but would like the amount <br />capped. He stated that eventhough this company will not create many jobs, it will have other <br />benefits to the city. <br />Commissioner Klinzing explained that she also concurs that the city should offer the <br />company an incentive of up to 5% and if the company requests additional assistance they <br />should request assistance from the County since the County is not currently offering any <br />incentive to this company. She noted that she doesn't feel that companies should need <br />incentives to locate in Elk River and that she feels that the city continues to get caught in <br />bidding wars with other communities. <br />MOVED BY COMMISSIONER TVEITE AND SECONDED BY <br />COMMISSIONER KI.INZING TO DIRECT STAFF TO OFFER THE <br />COMPANY PAY-AS-YOU-GO TAX ABATEMENT FROM THE CITY OF UP TO <br />5% OF THE ASSESSED MARKET VALUE WITH A $1 MILLION CAP. MOTION <br />CARRIED 7-0. <br />4. Adjournment <br />There being no other business, President Gongoll adjourned the special meeting of the Elk <br />River Economic Development Authority adjourned at 6:17 p.m. <br />~~ <br />essica Miller <br />Recording Secretary <br />