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