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• No other significant changes have been made to the policy since the last <br /> EDA meeting; The only other changes have been minor clarifications of <br /> the document's provisions and appearance. <br /> Action Requested <br /> State law requires that a public hearing be held on the Tax Rebate <br /> Financing policy before it is adopted. Staff recommends that the EDA <br /> consider any input provided at the public hearing and then adopt the TRF <br /> policies. <br /> Attachments <br /> • Tax Rebate Financing Policy <br /> 8. Consider Tax Rebate Financing Application—John Weicht, R&W <br /> Enterprises <br /> Issue <br /> The issue before the EDA tonight is to consider a request by John Weicht <br /> to use tax rebate financing in the construction an 18,000 s.f. multi-tenant <br /> industrial building in the McChesney Industrial Park. Specifically, Mr. <br /> Weicht is requesting that taxes on the proposed project be rebated for a <br /> period of four years, starting with taxes payable in 2002 and ending with <br /> • taxes payable in 2006. <br /> Background <br /> Recently, John Weicht and Mark Rothfork formed R&W Enterprises in <br /> order to construct a multi-tenant industrial building on the last lot in the <br /> McChesney Industrial Park. The building will be designed to house <br /> approximately three to four light industrial companies, who hopefully will <br /> grow and expand in Elk River. Additionally, the site plan, which has been <br /> approved by the planning commission, combines the parking area with the <br /> existing parking at Mark Rothfork's building (see attached site plan), <br /> which subsequently increases the size of the building on the site. <br /> The total cost of the project is projected to be approximately $758,000. <br /> Sources of financing include a $630,000 loan from The Bank of Elk River <br /> and a $128,000 equity contribution by R&W Enterprises. <br /> Mr. Weicht is requesting that the city rebate its portion of the taxes on the <br /> building for a period of four years. Staff has estimated this amount to be <br /> $6,159 per year or $24,683 over the term of the rebate period. Mr. Weicht <br /> also intends to request that Sherburne County rebate its portion of the <br /> taxes on the project for the same four year period. The county's portion is <br /> estimated to be $6,412 per year or $25,649 annually. The total tax rebate <br /> • over four years is estimated to be about $50,000. <br />