Laserfiche WebLink
• <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Mayor & City Council <br /> CC: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: July 8, 2002 <br /> SUBJECT: Consider Property Tax Abatement for Elk Path, LLC <br /> Professional Office Building Project <br /> • Background <br /> The City Council held a public hearing on June 10, 2002 regarding the Tax Rebate Financing <br /> (tax abatement) application by Elk Path,LLC for the construction of a professional office <br /> building. <br /> Following the public hearing the City Council held a joint meeting on.June 24, 2002 with the <br /> Economic Development Authority to discuss policy issues related to the use of tax rebate <br /> financing for office developments. It was the consensus of the Council and EDA that the <br /> Elk Path,LLC project be evaluated based on the city's amended Tax Rebate Financing <br /> policy. <br /> Analysis & Recommendation <br /> The proposed Elk Path, LLC professional office building project does not meet the city's <br /> new minimum requirement for 50% of the available office space to be pre-leased. <br /> Since the Elk Path LLC project, as proposed, does not meet the minimum requirement staff <br /> recommends the application be denied. The project may be reconsidered once 50% of the <br /> space is pre-leased, or the project scope is revised. <br /> S:\EDA\TAlXABA rh\E1kPathLLC\7-8-02.doc <br />