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MEMORANDUM <br /> <br />Item 4.2. <br /> <br />TO: <br /> <br />CC: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Economic Development Authority <br /> <br />Catherine Mehelich, Director of Economic Developme~,~/~/ <br />August 19, 2002 <br /> <br />Consider Property Tax Abatement for Elk Path, LLC <br />Professional Office Building Project <br /> <br />Background <br />The City Council held a public hearing on June 10, 2002 regarding the Tax Rebate Financing <br />(tax abatement) application by Elk Path, LLC for the construction of a professional office <br />building. <br /> <br />Following the public heating the City Council held a joint meeting on June 24, 2002 with the <br />Economic Development Authority to discuss policy issues related to the use of tax rebate <br />financing for office developments. It was the consensus of the Council and EDA that the <br />Elk Path, LLC project be evaluated based on the city's amended Tax Rebate Financing <br />policy. <br /> <br />Analysis & Recommendation <br />The proposed Elk Path, LLC professional office building project does not meet the city's <br />new minimtan requirement for 50% of the available office space to be pre-leased. <br /> <br />Since the Elk Path TJ,C project, as proposed, does not meet the minimum requirement staff <br />recommends the application be denied. The project may be reconsidered once 50% of the <br />space is pre-leased, or the project scope is revised. <br /> <br />S:\Eda\TAXABATE\ElkPathLLC\ 8-19-02.doc <br /> <br /> <br />