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City of Elk River,Minnesota <br /> Envision Co.,LLC(Sportech)request for Tax Abatement <br /> June 23,2015 <br /> Page 6 <br /> Conclusion <br /> The developer has requested tax abatement assistance from both the City and County to assist with financing a <br /> portion of the project costs associated with acquisition and subsequent construction of a 105,000 square foot facility. <br /> The developer has indicated that the project would not be feasible without assistance due to the limitations on <br /> achieving sufficient upfront financing. There are several methods to determine if a project would proceed "but for" <br /> assistance. Based on the available information, in this case a review of the financial statements and ability to attract <br /> debt and equity investment was utilized to test the viability of the project. "But for"abatement assistance,a reduction <br /> in total project costs (land cost), or increased revenues or some combination of the above, the developer has <br /> indicated the project as proposed would not go forward. In addition, it is important to note that the developer has <br /> indicated that the project will aid in the retainage of 204 FTE jobs and creation of 72 new jobs in the City of Elk River. <br /> Thank you for the opportunity to be of assistance to the City of Elk River. Please contact me at 651-223-3036 or <br /> mhuot(a.springsted.com with any questions or to discuss. <br />