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<br />Consider Tax Rebate Financing for The Bank of Elk River Expansion Project <br />January 3, 2006 HRA Meeting <br />Page 4 of 4 <br /> <br />Staff recommendation <br /> <br />Staff recommends that the HRA consider Option 3 and a requirement that The Bank of Elk <br /> <br />River create 20 new full-time positions as a result of the expansion project at a minimum <br /> <br />hourly wage of $15.00 within two years of project completion. <br /> <br />Next Step <br />Following the HRA's recommendation a City Council public hearing will be scheduled, as <br />required by statutes, to consider providing tax abatement and business subsidy to The Bank <br />of Elk River expansion project. <br /> <br />s: \EDA \ TAXABA TE\Bank of Elk River\Memos \ 1.3.06 HRA.doc <br />