6.2 EDSR 07-20-2015 - Laserfiche WebLink

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This project will both enhance and diversify the city's economic base, and increase the city's tax base. Not only will this project bring a non-tax generated parcel onto the tax rolls in perpetuity,but based on the County Assessors initial valuation of the project,Morrell Companies will pay approximately$35,311 in taxes. While Morrell Companies is seeking abatement dollars from both the city and county, Independent School District 728 will receive approximately$7,299 a year in taxes per year upon project completion. The project contributes to the fulfillment of the City's Economic Development Strategic Plan The proposed project contributes to the first goal of the City's Economic Development Strategic Plan: Business Development-attract new businesses and support existing businesses to increase the city's industrial tax base,commercial tax base and employment base. Morrell Oversize's expansion supports the following Commercial Strategies as outlined in the Strategic Plan: y Promote available sites,encourage business retention and expansion to grow existing commercial base with business recruitment/attraction techniques Diversify economic base to include a wide variety of retail and service industries,as well as additional fine dining opportunities Please see information included in Job Creation/Retention, Enhancement and/or diversification of the City of Elk River's Economic Base and significantly increases the city's tax base. Legal Description&PID Lot 1, Blk 2 Nature's Edge Business Center 75-820-0205