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CITY OF ELK RIVER <br /> NOTES TO BASIC FINANCIAL STATEMENTS <br /> YEAR ENDING DECEMBER 31, 2016 <br /> NOTE 14 TAX ABATEMENTS (CONTINUED) <br /> As part of the City's tax abatement program, the City also enters into agreements with local <br /> businesses in the form of business subsidy agreements established under Minnesota <br /> Statutes Section 116J.993 through 116J.995. These agreements must meet a public <br /> purpose which may include, but may not be limited to, increasing the tax base. <br /> In 2016 the City of Elk River had seven business subsidy agreements in place which <br /> resulted in property taxes totaling $143,788 being abated. Individual agreements which <br /> result in taxes abated in excess of 1% of the City's total tax levy would be disclosed <br /> individually. There were no such payments made in 2016 in excess of this amount. <br /> (74) <br />