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MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development <br />DATE: July 9,2007 <br />SUBJECT: Consider Recommendation to City Council for Approval of Tax <br />Abatement Assistance for Metal Craft Machine & Engineering <br />Expansion Project <br />Attachments <br />City of Elk River Tax Abatement & Business Subsidy Policies <br />Metal Craft Tax Abatement Application <br />Tax Abatement Application Review Worksheet <br />Company Background <br />Metal Craft Machine and Engineering provides machining for the medical, food & drug, <br />aerospace, and computer industries. Over the past thirty years, Metal Craft has grown from <br />leasing 200 square feet of space and one employee to owning 57,000 square feet of space <br />Elk River & Wisconsin facilities) and 136 total employees (78 in Elk River and 58 in <br />Wisconsin). See the below timeline. <br />1978 200 <br />1979 1,000 <br />1980 2,000 <br />1983 5,000 <br />1988 Ex anded to 10,000 <br />1996 30,000 <br />1997 Ex anded to 27,000