8.2. EDSR 08-08-2005 - Laserfiche WebLink

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Consider Recommendation to City Council for Approval of Tax Rebate Financing Assistance to O'Brien Holdings,LLC (Crystal Distribution,Inc.) August 8,2005 EDA Meeting Page 2 of 2 Below is a summary of the project: City Assistance $138,470,which is 50% of the land cost Building Size 30,000 SF Lot Size 3.7 acres to accommodate a 12,000 SF expansion (see attached map) Jobs Retained 31 ($20 average hourly wage) Jobs Created 15 ($15 minimum hourly wage) On July 27, 2005, the Sherburne County Economic Development Affiance (SCEDA) recommended that the Sherburne County Board of Commissioners call a public hearing for August 16, 2005 to consider TRF assistance to O'Brien Holdings,LLC (Crystal Distribution, Inc.) for the remaining 50% of the land cost ($138,470). Update The necessary analyses regarding the use of TRF assistance for this project have been completed. Sid Inman of Ehlers and Associates has provided the attached memo regarding the "But For" analysis for the project and has indicated that the amount of TRF assistance proposed is justified. Mr. Inman will be in attendance this evening to answer any questions regarding the "But For" analysis. • Staff has also evaluated the project based on the City's TRF Proposal Review Worksheet, which indicates that the Crystal Distribution, Inc. project scored 44 out of 45 possible points. Requested Action Staff requests that the EDA recommend to the City Council approval of Tax Rebate Financing Assistance to O'Brien Holdings,LLC (Crystal Distribution, Inc.). Following the City Council's public hearing on August 15,2005 regarding the use of TRF for this project, staff will recommend the City Council's approval of the attached Resolution Approving Property Tax Abatement to O'Brien Holdings,LLC and a final version of the attached DRAFT Tax Abatement and Business Subsidy Agreement.