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County for distribution. The source of funds for subdivision expenses <br />and water/sewer installation would come from the EDA reserve fund. <br /> <br />Staff has evaluated the Ripplinger Tax Increment Financing <br />Application and has determined that subsidy assistance is appropriate <br />for the project based on the public purposes and project goals to be met <br />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) Job creation. The project has potential to stimulate additional <br />private investment in the West Business Park and also provide <br />additional leasible light industrial space in Elk River. <br /> <br />The project goals for the subsidy includes the construction of a <br />minimum of 15,000 square feet of light industrial space and the <br />creation of 4.5 permanent full-time equivalent employee positions (in <br />addition to the existing 5 full-time employees) at wages of at least <br />$15.00 per hour, exclusive of benefits. <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 David & Carole Ripplinger following its public hearing. <br /> <br />Attachments · Site Map <br /> · Tax Increment Financing Application - David & Carole <br /> Ripplinger <br /> · Performance/Assistance Agreement with David & Carole <br /> Ripplinger <br /> · City Council Resolution 00- Approving Subsidy <br /> Assistance to David & Carole Ripplinger <br /> <br /> <br />