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<br />Business Survey <br />Cal and I met with Debbi, David Monroy, and Randy Barney of the Chamber to review the results of their <br />2018 Economic Development Survey. We have asked the Chamber to provide us further clarification on the <br />survey data. The Chamber will present their findings to the EDA/Council at a future meeting. <br /> <br />Sherburne County EDA Meeting <br />On March 21, 2019, The Sherburne County EDA will discuss a tax abatement application from Jet Stream, <br />LLC and provide a recommendation to the Sherburne County Board. Jet Stream’s parent company, Google, <br />LLC requested a 20-year property tax abatement for constructing a 375,000 square foot data center on <br />approximately 315 acres in the Becker Business Park on excess land they would purchase from Xcel Energy. <br /> <br />The project would increase the existing annual property taxes by approximately $1,370,000. The county <br />portion of this increase would be approximately $390,000 per year. The 20-year tax abatement would equate <br />to approximately $7,800,000. <br /> <br />The estimated that the return to the county on that $390,000 annual investment would be over $7.5 million <br />per year in economic impact for the county from the direct, indirect and induced jobs. The total return could <br />reach $350 million when including the impact from the construction phase ($200+ million annual impact <br />during the 2-year construction phase and $7.5 million annual impact for the 20-year abatement). <br /> <br />Business Subsidy Reporting <br />All the state reporting forms have been prepared and we are waiting on two businesses out of seven to <br />st <br />report. The reports will be submitted to the state before the April 1 deadline. <br /> <br />Revolving Loan Fund Balance Reports <br />At the request of Commission, a copy of the Revolving Loan Fund report is attached. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> Revolving Loan Fund Report <br />