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CITY OF ELK RIVER <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 <br />NOTE 14 TAX ABATEMENTS (CONTINUED) <br />In 2019 the City of Elk River had eight business subsidy agreements in place which resulted <br />in property taxes totaling $160,265 being abated. Individual agreements which result in <br />taxes abated in excess of 1 % of the City's total tax levy would be disclosed individually. <br />There were no such payments made in 2019 in excess of this amount. <br />NOTE 15 SUBSEQUENT EVENT <br />Subsequent to year-end, the World Health Organization declared the spread of Coronavirus <br />Disease (COVID-19) a worldwide pandemic. The COVID-19 pandemic is having significant <br />effects on global markets, supply chains, businesses, and communities. Specific to the City, <br />COVID-19 may impact various parts of its 2020 operations and financial results including, <br />but not limited to, costs for emergency preparedness, shortages of personnel. Management <br />believes the City is taking appropriate actions to mitigate the negative impact. However, the <br />full impact of COVID-19 is unknown and cannot be reasonably estimated as these events <br />occurred subsequent to year-end and are still developing. <br />HE <br />