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Staff has evaluated the Equity Management's Tax Increment <br />Financing Application and has determined that subsidy assistance is <br />appropriate for the project based on the level of assumed risk for the <br />investment project and the project goals to be met by the development. <br /> <br />The public purposes to be met by the development include 1) Enhance <br />& diversify the City's industrial tax base, and 2) Contribute to the <br />fulfillment of the City's Strategic Plan for Industrial Development, <br />and 3) Eventual job creation. The project has potential to stimulate <br />additional private investment in the West Business Park and also <br />provide leasible light industrial space that is currently lacking in Elk <br />River. <br /> <br />Following the public hearing, the EDA may determine that the <br />creation of jobs is not a primary goal of the project and henceforth, set <br />wage and job goals at zero. The EDA may consider an alternative <br />project goal for the subsidy to be the construction of a minimum of <br />22,000 square feet of leasible light industrial space within one year. <br /> <br />Requested Action <br />The EDA will make verbal recommendation to the Council for <br />consideration of the attached Resolution 00- Approving Subsidy <br />Assistance to Equity Management, Inc. following its public hearing. <br /> <br />Attachments · Site Map <br /> · Tax Increment Financing Application - Equity <br /> Management, Inc. <br /> · Performance/Assistance Agreement with Equity <br /> Management, Inc. <br /> · City Council Resolution 00- Approving Subsidy <br /> Assistance to Equity Management, Inc. <br /> <br /> <br />