7.3 SR 05-15-2023 - Laserfiche WebLink

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City of Elk River Members Present: Members Absent: Staff Present: Others Present: Elk River Joint Finance Committee Excerpt from Draft Minutes Held at Elk River City Hall Tuesday, March 28, 2023 Dan Tveite, Jim Gromberg, Ryan Hardin, Chad Vitzthum, Jill Larson -Vito and Rhonda Magnussen (7:37 am) Nate Ovall, and Charlie Blesener "4*— Brent O'Neil, Economic Development Director Joshua Mollan, Econi Mikaela Huot (Baker Ken Beaudry (Beaudi 4.2 Review Tax Abatement Application — Beaudry Lubricants/Harvest Reaper Mr. O'Neil introduced the Beaudry project and presented the site location. Mr. O'Neil introduced Ms. Huot (Baker Tilly) to present her review on the tax abatement application. Ms. Huot described the project and tax abatement request from Beaudry Oil and Propane and Harvest Reaper LLC of which the latter will be the recipient of the tax abatement. Ms. Huot's analysis determined that public assistance for this project can be supported due to extraordinary site development costs. She estimates the city share to be $138,000 over 11 years ....; ..., .. Chair Tveite shared that this project would be a good fit for the area. Mr. Beaudry shared that they would have liked assistance for the full 15 years but is happy with any city assistance to support the project. Mr. Hardin asked if there needed to be any additional language to the motion that city participation should be subject to county participation. Mr. O'Neil and Ms. Huot stated that the due to request being reviewed as a location incentive, the city review is for the city portion only and the item under consideration isn't intended to be dependent on the county's participation. Moved by Gromberg and seconded by Larson -Vito to provide a recommendation to the City Council and EDA to approve this tax abatement Motion carried 5-0 (Vitzthum abstained). Prepared by Joshua Mollan.