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<br />B. PROJECT INFORMATION <br />1. The project will be: <br />_Industrial: ~New Construction _Expansion _Redevelopment / Rehab. <br />_Office/research facility that conforms to Business Park zoning standards <br />_Commercial Redevelopment/Rehabilitation <br />_Other <br /> <br />2. In addition to the City of Elk River, applicant is requesting Tax Abatement from: <br />Sherburne County School District 728 <br /> <br />3. The project will be: _Owner Occupied <br /> <br />~Leased Space <br /> <br />4. Project Address ID# 75-661-0040 3.88 acres lot/#75-7580010 County Outlet A 16.88 acres <br />Parcel Identification Number(s) <br /> <br />5. Site Plan and Construction Plans Attached: <br /> <br />Yes <br /> <br />x No <br /> <br />6. Total Amount of Tax Abatement Requested: $ <br />City Portion: Annual $ <br />County Portion: Annual $ <br />ISD 728 Portion: Annual $ <br /> <br />Rl)() ()()() <br />Total $ <br />Total $ <br />Total $ <br /> <br />over~ years. <br /> <br />7. Current Real Estate Taxes on Project Site: $ 0 <br />Estimated Real Estate Taxes upon Completion: Phase I $ <br />Phase II $ <br /> <br />unknown <br /> <br />unknown <br /> <br />8. Construction Start Date: March 1, 2007 <br /> Construction Completion Date: September 30 I 2008 <br /> If Phased Project: 1/1/08 Year 50 % Completed <br /> 1/1/09 Year 100 % Completed <br />C. PUBLIC PURPOSE <br /> <br />It is the policy of the City of Elk River that the use of Tax Abatement should result <br />in a benefit to the public. Please indicate how this project will serve a public <br />purpose. <br />~J ob Creation/Retention <br /> <br />o <br />Number of existing jobs <br />Number of jobs created by project 20 <br />Average hourly wage of jobs created/retained $24.00 <br />~New industrial development which will result in additional private <br />investment in the area. <br />~Enhancement and/or diversification of the City of Elk River's economic base. <br />---1LThe project contributes to the fulfillment of the City's Economic Development <br />Strategic Plan. <br />_Removal of blight. <br />_Rehabilitation of a high profile or priority site. <br />~Significantly increase the City's tax base. <br /> <br />City of Elk River <br />Tax Abat=ent Policy <br />Amended May 2006 <br /> <br />- 9- <br />