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• RESOLUTION NO. <br /> RESOLUTION APPROVING PROPERTY TAX ABATEMENTS <br /> BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br /> Minnesota(the "City"),as follows: <br /> 1. Recitals. <br /> (a) Orluck Industries, Inc. (the "Developer") proposes to construct an <br /> approximately 20,000 square foot light manufacturing facility in the City (the "Project"). <br /> The Developer has requested that the City provide financial assistance to the Developer <br /> for the Project. The City proposes to use the abatement for the purposes provided for in <br /> the Abatement Law(as hereinafter defined), including the Project. The proposed term of <br /> the abatement will be for up to twelve years in an amount not to exceed $100,760. The <br /> abatement will apply to 100% of the City's share of the property taxes (the "Abatement") <br /> derived from the property described as Lot 1, Block 2, Country Crossing Business Center <br /> (the "Property"). <br /> (b) On the date hereof, the Council held a public hearing on the question of <br /> the Abatement, and said hearing was preceded by at least 10 days but not more than 30 <br /> • days prior published notice thereof. <br /> (c) The Abatement is authorized under Minnesota Statutes, Sections 469.1812 <br /> through 469.1815 (the "Abatement Law"). <br /> 2. Findings for the Abatement. The City Council hereby makes the following <br /> findings: <br /> (a) The Council expects the benefits to the City of the Abatement to at least <br /> equal or exceed the costs to the City thereof. <br /> (b) Granting the Abatement is in the public interest because it will increase or <br /> preserve the tax base of the City, provide employment opportunities in the City and help <br /> redevelop an area previously blighted by poor soil conditions. <br /> (c) The Property is not located in a tax increment financing district. <br /> (d) In any year, the total amount of property taxes abated by the City by this <br /> and other resolutions, if any, does not exceed the greater of ten percent (10%) of the <br /> current levy or$200,000. <br /> (e) At least 50 percent of the payroll of the operations of the Developer will <br /> be for employees engaged in the material staging and production of tangible personal <br /> property by procedures commonly regarded as manufacturing, processing, fabrication, or <br /> • assembling which changes some existing material into new shapes, new qualities, or new <br /> combinations and consequently the Developer is a "Qualified Business" pursuant to <br /> Section 469.1813 Subd. 6b of the Abatement Law. <br /> 1623868v1 <br />