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estimated to be $6,412 per year or $25,649 over the four year period, and <br /> • would bring the total rebate amount to approximately $50,000. If <br /> approved, the rebate would commence with taxes payable in 2002 and end <br /> with taxes payable in 2006. <br /> Upon receipt of Mr. Weicht's tax rebate financing application, staff <br /> completed the ratings worksheet used to help analyze such proposals. The <br /> proposed project scored a "33", which equates to a "moderately desirable" <br /> project. Staff frequently receives inquires for the type of space Mr. Weicht <br /> is proposing to construct. Subsequently, although no tenants have, as yet, <br /> committed to the space, it is likely that the building will lease quickly. <br /> Action Requested <br /> Staff recommends that the EDA consider Mr. Weicht's request for a four <br /> year tax rebate period beginning with taxes payable in 2002. If the EDA <br /> approves the project, its recommendation will be sent to the City Council <br /> for a public hearing and final approval on May 22, 2000. <br /> Attachments <br /> • Tax Rebate Financing Application <br /> i. But-For analysis — Exhibit D <br /> ii. Site Plan <br /> iii. Project and Company Narratives — Exhibit B <br /> • Staffs Tax Rebate Financing Projection Worksheet <br /> • Letter of Commitment from The Bank of Elk River <br /> 6. Discuss Jackson & Main Site <br /> See attached memo from Executive Director Pat Klaers. <br /> 7. Update of Economic Development Director Interviews <br /> Executive Director Pat Klaers will update the EDA on the Economic <br /> Development Director Interviews. <br /> 8. Other Business <br /> • Staff will provide a brief update of activity at the incubator. <br /> 9. Consider Offer to Settle of Northstar Die Casting Lawsuit <br /> • Executive Session of EDA to Discuss Pending Litigation Regarding the <br /> Northstar Die Casting Lawsuit <br /> • <br />