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RESOLUTION 00- <br /> <br />CITY OF ELK RIVER <br /> <br />A RESOLUTION APPROVING THE USE OF TAX REBATE <br /> FINANCING BY R&W ENTERPRISES <br /> <br />Whereas, R&W Enterprises, LLC has filed an application for Tax Rebate <br />Financing pursuant to Minnesota Statute 469.1812 to 469.1815 (Tax <br />Abatement) for the construction of an 18,000 square foot multi-tenant <br />industrial building on Lot 3, Block 1 of the McChesney Industrial Park, Elk <br />River, MN; <br /> <br />Whereas, R&W Enterprises, LLC has submitted a Tax Rebate Financing <br />application that satisfies the requirements of the City of Elk River's Tax <br />Rebate Financing policy; <br /> <br />Whereas, R&W Enterprises is requesting Tax Rebate Financing in the <br />amount of $24,638 (estimated) over a period of four years on a pay-as-you-go <br />basis; <br /> <br />Whereas, R&W Enterprises, as a development corporation, cannot be <br />directly responsible for the number of jobs created by the project or the wages <br />paid, agrees, as its goal under the business subsidy law, to construct within <br />one year of the benefit date, an 18,000 sf multi-tenant building. <br /> <br />Whereas, the project will satisfy the following public purposes: 1) <br />enhancement and diversification of the city's economic industrial base, and 2) <br />contributes to the fulfillment of the Strategic Plan for Economic <br />Development; <br /> <br />Now Therefore Be It Resolved, the Elk River City Council approves the <br />use of Tax Rebate Financing for the purposes of industrial economic <br />development as described above. <br /> <br />Where Upon the resolution is adopted and passed this 10th day of July <br />2OO0. <br /> <br />ATTEST: <br /> <br />Stephanie Klinzing, Mayor <br /> <br />Sandra A. Peine, City Clerk <br /> s: \eda\taxabate\trf#1kresolut.doc <br /> <br /> <br />