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Requested Action <br />The building expansion is consistent with the City's Economic Development <br />Strategic Plan to provide more leasible space and increase the industrial tax <br />base of the community. EDA members have been provided the opportunity to <br />comment on the proposed amendment to the subsidy assistance agreements. <br /> <br />Therefore, staff recommends the City Council consider amending the <br />resolutions which revise the total estimate of assistance from $175,900 each <br />to $178,400 each with the revised project goal of 22,500 square feet each. <br /> <br />Since the primary use of these buildings is multi-tenant, it is very difficult to <br />expect the owner to guarantee specific job and wage goals on behalf of <br />prospective tenants. However, it can be projected that the multi-tenant space <br />provided by each could result in up to 30 full time equivalent positions as <br />compared to similar projects in Elk River. <br /> <br />Attachments <br /> · Resolutions 00-62 and 00-63 Approving Subsidy Assistance to <br /> Equity Management, Inc. and David & Carole Ripplinger <br /> · Memo from City Administrator Re: Development of EDA Site <br /> Resolution 00- Amending Resolutions 00-62 and 00-63 <br /> Approving Subsidy Assistance <br /> <br /> <br />