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• Staff has evaluated the Ripplinger Tax Increment Financing Application and <br /> has determined that subsidy assistance is appropriate for the project based <br /> on the public purposes and project goals to be met by the development. <br /> The public purposes to be met by the development include 1) Enhance & <br /> diversify the City's industrial tax base, and 2) Contribute to the fulfillment of <br /> the City's Strategic Plan for Industrial Development, and 3) Job creation. <br /> The project has potential to stimulate additional private investment in the <br /> West Business Park and also provide additional leasible light industrial <br /> space in Elk River. <br /> The project goals for the subsidy includes the construction of a minimum of <br /> 15,000 square feet of light industrial space and the creation of 4.5 permanent <br /> full-time equivalent employee positions (in addition to the existing 5 full- <br /> time employees) at wages of at least $15.00 per hour, exclusive of benefits. <br /> Staff has worked with planning and engineering staff to design a global area <br /> storm drainage system to accommodate the three developments currently <br /> proposed in the West Business Park. Staff recommends that a condition of <br /> the property sale include the Ripplingers' participation in the global storm <br /> drainage plan. This requirement has been drafted as part of the purchase <br /> • agreement. <br /> The expenditure of approximately $10,000 for extension of water & sewer <br /> has been a point of negotiation between staff and the developer. Please refer <br /> to the attached memo from the City Administrator for staff recommendation. <br /> Requested Action <br /> Following the public hearing, staff recommends that the EDA consider action <br /> on the following items: <br /> 1) Sale of the described property to David & Carole Ripplinger in accordance <br /> with the purchase agreement and approved plans and specifications; and <br /> 2) Granting subsidy assistance in the amount of$175,900 per the <br /> Performance/Assistance Agreement to David & Carole Ripplinger with <br /> recommendation to City Council for final approval. <br /> Attachments <br /> • Site Map <br /> • Application for Tax Increment Financing - Ripplinger <br /> • Purchase Agreement - Ripplinger <br /> • Performance/Assistance Agreement - Ripplinger <br /> • Memo from City Administrator Re: EDA Site <br /> • <br />