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Consider Recommendation to City Council for Approval of Tax Rebate Financing Assistance to RST Cayo,LLC <br /> (Classic Acrylics,Inc.) <br /> August 8,2005 EDA Meeting <br /> Page 2 of 2 <br /> • On July 27, 2005, the Sherburne County Economic Development Alliance (SCEDA) <br /> recommended that the Sherburne County Board of Commissioners call a public hearing for <br /> August 16, 2005 to consider TRF assistance to RST Cayo,LLC (Classic Acrylics, Inc.) for an <br /> additional 38.5% of the land cost ($75,000). <br /> Update <br /> The necessary analyses regarding the use of TRF assistance for this project have been <br /> completed. <br /> Sid Inman of Ehlers and Associates has provided the attached memo regarding the "But <br /> For" analysis for the project and has indicated that the amount of TRF assistance proposed <br /> is justified. Mr. Inman will be in attendance this evening to answer any questions regarding <br /> the "But For" analysis. <br /> Staff has also evaluated the project based on the City's TRF Proposal Review Worksheet, <br /> which indicates that the Classic Acrylics project scored 38.5 out of 45 possible points. <br /> Requested Action <br /> Staff requests that the EDA recommend to the City Council approval of Tax Rebate <br /> Financing Assistance to RST Cayo,LLC (Classic Acrylics, Inc.). <br /> • Following the City Council's public hearing on August 15,2005 regarding the use of TRF <br /> for this project, staff will recommend the City Council's approval of the attached Resolution <br /> Approving Property Tax Abatement to RST Cayo,LLC and a final version of the attached <br /> DRAFT Tax Abatement and Business Subsidy Agreement. <br /> • <br />