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City of <br /> Elk=' Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 7.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business December 15, 2014 Jeremy Barnhart,Deputy Director, CODD <br /> Item Description Reviewed by <br /> Stonesthrow Properties,LLC (Coin-tainer) Tax Cal Portner, City Administrator <br /> Abatement and Microloan Review Reviewed by <br /> Action Requested <br /> Open public hearing to consider business subsidy in the amount greater than $150,000 for Stonesthrow, <br /> LLC (Coin-Tainer). <br /> Background/Discussion <br /> The City Council must hold a public hearing and invite comments for any business subsidy in the amount <br /> greater than$150,000. Stonesthrow application for the Jobs Incentive Microloan,if approved by the <br /> EDA,would amount to $200,000. <br /> As of this writing,the EDA will review the application at their meeting on December 15. Final <br /> agreements are expected to occur in January,the public hearing held tonight would allow any comments <br /> to be incorporated into the final agreement. <br /> Attachments <br /> • EDA Staff Report <br /> • Springsted Analysis <br /> P a w E A E U a r <br /> NaA f RE] <br />