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Morrell Oversize plans on hiring a minimum of 8 FTE within the next two years, paying an average of <br /> $23.21 an hour,as a result of this expansion. <br /> Since 2003,the Morrell's have paid nearly$1M in property taxes. Their proposed expansion is <br /> estimated to generate$35,311 a year in property taxes, bringing their total tax contribution to over <br /> $125,000 annually. <br /> According to Sherburne County,the proposed Morrell Oversize expansion is eligible for a total of <br /> $17,037/yr in abatement between the city and the county: <br /> • City:$8,107/yr <br /> • County:$8,930/yr <br /> In addition to the increase in tax base,the sale a city owned property,and creation of jobs,the attached <br /> economic impact study indicates that this project will not only increase the overall sustainability of <br /> Morrell Companies,but the expansion of Morrell Oversize will: <br /> • Create five indirect and induced jobs throughout the local economy, which will pay <br /> $36,628 in average annual salary,or$17.61 per hour <br /> • Increase consumer expenditures by$316,019 annually <br /> • Bring a total of 13 direct and indirect jobs into the area <br /> • Bring 7 residents to Elk River <br /> • Bring 17 residents to Sherburne County <br /> Enclosed you will find a 3`d party economic impact study which outlines the specific economic impacts of <br /> this project to Elk River and Sherburne County. <br /> Subsidy Impact <br /> To ensure this project moves forward in the City of Elk River and Sherburne County,Morrell Oversize is <br /> asking for pay-as-you-go tax abatement assistance from both entities. Based upon the project <br /> information,Assistant County Administrator Dan Weber has provided the following annual tax estimate: <br /> • County=$8,930 <br /> • City=$8,107 <br /> • School=$7,299 <br /> • State=$8,354 <br /> • MV=$1,798 <br /> • Other=$823 <br /> • Total=$35,311 <br /> Looking at the attached projections,to help ensure business sustainability and total project cost, Morrell <br /> Oversize is asking for a total of$210,905 in pay-as-you-go abatement;with$121,605 coming from the <br /> City of Elk River. This number is calculated based upon$8,107/yr for fifteen years. <br />