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• RESOLUTION 00-_ <br /> CITY OF ELK RIVER <br /> A RESOLUTION APPROVING SUBSIDY ASSISTANCE TO <br /> DAVID & CAROLE RIPPLINGER <br /> Whereas, David & Carole Ripplinger have filed an application for subsidy <br /> assistance for the construction of an 15,200 square foot light industrial <br /> building on the south half of Lot 1, Block 1 of the Country Crossing Business <br /> Center Second Addition, Elk River, MN; <br /> Whereas, David & Carole Ripplinger have submitted a Tax Increment <br /> Financing application that satisfies the requirements of the City of Elk <br /> River's Tax Increment Financing policy; <br /> Whereas, David & Carole Ripplinger are requesting subsidy assistance in <br /> the value of$175,900 to be provided by a land sale write down at $165,400 <br /> less than market value, approximately $8,000 in subdivision expenses <br /> incurred by the EDA, and an estimated $2,500 for utilities extension; <br /> Whereas, the goals of the project include the construction within one year of <br /> • the benefit date, a 15,000 sf light industrial building. <br /> Whereas, the project will satisfy the following public purposes: <br /> 1) enhancement and diversification of the city's economic industrial base, and <br /> 2) contributes to the fulfillment of the Strategic Plan for Economic <br /> Development, and 3) Result in additional private investment in the area and <br /> 4) Job creation. <br /> Now Therefore Be It Resolved, the Elk River City Council approves <br /> providing subsidy assistance as outlined in the Performance/Assistance <br /> Agreement with David & Carole Ripplinger for the purposes of industrial <br /> economic development as described above. <br /> Where Upon the resolution is adopted and passed this 14th day of August <br /> 2000. <br /> Stephanie Klinzing, Mayor <br /> ATTEST: <br /> • Sandra A. Peine, City Clerk <br />