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<br />Item 5.1.. <br /> <br /> <br />, <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor and City Council <br /> <br /> <br />Heidi Steinmetz, Assistant Director of Economic Development ~0 <br /> <br /> <br />DATE: August 15, 2005 <br /> <br />FROM: <br /> <br />SUBJECT: Public Hearings: Consider Resolutions Authorizing Execution of Tax <br />Abatement and Business Subsidy Agreements with Alliance Machine, <br />Crystal Distribution, Medical Extrusion Technologies and Classic <br />Acrylics <br /> <br />Attachments <br />· Resolutions Approving Property Tax Abatement & Business Subsidy Agreements <br />· Public Hearing Notices, Elk River Star News, August 3, 2005 <br />· Memo from Sid Inman of Ehlers & Associates dated August 3, 2005 <br />. N orthstar Business Park Plat <br />. Elk River Business Park Site Plan <br /> <br />Background <br />EDA Review <br />On July 11th and August 8th, the EDA reviewed the use of Tax Rebate Financing (Abatement) for <br />the following projects: <br />· Provo Enterprises, LLC (Alliance Machine, Inc.) <br />. O'Brien Holdings, LLC (Crystal Distribution, Inc.) <br />· Medical Extrusion Technologies, Inc. or a related entity <br />. RST Cayo, LLC (Classic Acrylics, Inc.) <br /> <br />OnJuly 11th, the EDA recommended that the City Council call a public hearing for August 15th to <br />consider the attached Resolutions authorizing the use of Abatement for each project. The <br />attached public hearing notices appeared in the Elk River Star News on August 3rd. <br /> <br />On August 8t\ the EDA reviewed detailed Abatement analyses, including the attached "but <br />for" analysis and recommended that City Council approve the use of Abatement for each project. <br />