Laserfiche WebLink
Elk REQUEST FOR ACTION <br /> River <br /> To ITEM NUMBER <br /> Economic Development Authority 11. <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> April 8, 2(11 3 Clay Wilfahrt,Assistant Director of <br /> Economic Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Impact of City Financial Programs Suzanne Fischer, Community <br /> Operations and Development <br /> Director <br /> REVIEWED BY <br /> ACTION REQUESTED <br /> Nome <br /> BACKGROUND/DISCUSSION <br /> The Economic Development Authority offers financial incentives to businesses to stimulate private <br /> sector investment, spur new construction,and create and retain employment opportunities. Programs <br /> offered by the City include Tax Increment Financing,Tax Abatement,and Microloans. <br /> Staff maintains records for each business receiving a subsidy of$75,000 or greater on employment, <br /> property valuation and current versus original tax revenue. Staff reviews business activity to determine <br /> performance of financing programs. <br /> One of the major benefits of business locations and expansions for a city is the addition of property value <br /> (tax revenues) as shown on the graph below. The 13 Tax Abatement projects undertaken in Elk River <br /> have generated over$47.6million in added property value. The original value of the same properties was <br /> $3,538,300. <br /> Aggregate Original vs.Added Property <br /> $3,538,300 <br /> Value <br /> Original Property Value <br /> Added Value <br /> $47,676,100 <br /> POWERED B Y <br /> NATURE <br />