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<br /> <br /> <br />REQUEST FOR ACTION <br /> <br />To <br />Ci Council <br />Agenda Section <br />Community Development <br /> <br />Item Number <br />6.1. <br />Prepared by <br />Heidi Steinmetz, Assistant Director of <br />Economic Develo ment <br />Reviewed by <br />Scott Clark, Community Development <br />Director <br />Reviewed by <br /> <br />Meeting Date <br />July 16,2007 <br /> <br />Item Description <br />Public Hearing - Consider Resolution Authorizing <br />Execution of a Tax Abatement and Business Subsidy Agreement <br />with Metal Craft Machine & Engineering <br /> <br />Action Requested <br />State statute requires local government agencies to hold a public hearing (see attached public hearing <br />notice) to receive comment on Tax Abatement and Business Subsidies. Following the public hearing, <br />staff recommends the City Council approve the attached "Resolution Authorizing Execution of a Tax <br />Abatement and Business Subsidy Agreement" with Metal Craft Machine & Engineering. The draft <br />agreement is also attached. <br /> <br />Bacqround/Discussion <br />Metal Craft Machine & Engineering is requesting property Tax Abatement for the expansion of their <br />manufacturing operations in Elk River. The attached staff report describes the proposed project and Tax <br />Abatement request that were reviewed by the EDA on July 9, 2007. The EDA is recommending the City <br />Council's approval of the Tax Abatement and Business Subsidy for the project. <br /> <br />This abatement request meets all of the EDA's policies regarding employment and valuation. <br /> <br />Financial Impact <br /> <br />. Up to $426,888 City Tax Abatement assistance for a time period of up to twelve years <br />o A request has also been made to Sherburne County for up to $426,888 of Tax <br />Abatement assistance for a time period of up to ten years <br /> <br />Attachments <br />. Staff Report dated July 9, 2007 Regarding EDA Recommendation <br />. Public Hearing Notice <br />. Resolution Approving Property Tax Abatement & Business Subsidy Agreement <br />. DRAFT Tax Abatement and Business Subsidy Agreement <br /> <br />Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />S: \Industrial Siting\Metal Craft\Memos \ Council Action Requested, 7-16-07 .doc <br />