3.4. SR 08-28-2000 - Laserfiche WebLink

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RESOLUTION 00- CITY OF ELK RIVER A RESOLUTION AMENDING RESOLUTION 00-62 AND RESOLUTION 00-63 APPROVING SUBSIDY ASSISTANCE Whereas, the City Council reviewed and approved by Resolution No. 00-62 and 00- 63 the applications for subsidy assistance submitted by David & Carole Ripplinger and Equity Management, Inc. ("Recipients") in the estimated amount of $175,900 each to be provided by the Economic Development Authority, and; Whereas, the City had established and the Recipients agreed that the project will satisfy at least two public purposes and meet specific project goals, and; Whereas, the Recipients have agreed to construct a minimum of 22,500 square feet each, and the Recipients have requested additional subsidy assistance in an estimated amount of $2,500 each to be provided by the Economic Development Authority incurring 100% of the expense for water and sewer extension to the property line, and; Whereas, the Recipient project is consistent with the Economic Development Strategic Plan and will result in more industrial taxable value in the community by providing additional leasible light industrial space, and which has the potential for job creation. Now Therefore Be It Resolved, the Elk River City Council amends Resolution No. 00-63 and 00-62 to provide subsidy assistance as outlined in the form of a subsidy agreement to David and Carole Ripplinger and Equity Management, Inc. in the revised total estimated amount of $178,400 each, and the City has established that the specific project goals are revised to be the construction of a minimum of a 22,500 square foot light industrial building to be completed within one year of the benefit date, and the job goals established herein remain. Where Upon the resolution is adopted and passed this 28t~ day of August, 2000. ATTEST: Stephanie Klinzing, Mayor Sandra A. Peine, City Clerk