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<br /> <br />REQUEST FOR ACTION <br /> <br />To <br />Ma or & Ci Council <br /> <br />Agenda Section <br />Community Development <br /> <br />Meeting Date <br />April 21, 2008 <br /> <br /> <br />Item Number <br />6.1- <br /> <br />Prepared by <br />Catherine Mehelich, Director <br />Economic Develo ment <br /> <br />Item Description <br />Resolution Approving Property Tax Abatements and <br />Authorizing Execution of a Tax Abatement Agreement in <br />connection with the Sportech, Inc. Expansion Project <br />- Public Hearing <br /> <br />Administrator <br /> <br />Action Requested <br />The City Council is asked to hold a public hearing to consider comment on the proposed tax abatement <br />in connection with the Sportech, Inc. expansion project. <br /> <br />Following the public hearing, the Council is asked to consider approval of the attached Resolution <br />Approving Property Tax Abatements and Authorizing Execution of a Tax Abatement Agreement in <br />connection with the proposed project. <br /> <br />Background/Discussion <br />The attached staff report to the EDA dated April 14, 2008 provides background on the project as <br />considered by the EDA for land sale, tax abatement and micro loan applications. Following the statutory <br />public hearing, the EDA approved resolutions in favor of the land sale and tax abatement. In addition <br />the EDA approved a $100,000 Micro Loan to the project. <br /> <br />Financial Impact <br />Addressed in attached April 14, 2008 EDA Staff Report. <br /> <br />Attachments <br />. Resolution Approving Property Tax Abatements and Authorizing Execution of a Tax Abatement <br />Agreement <br />. Staff Report to EDA re: Sportech, rne. Expansion Project, April 14, 2008 <br />. DRAFT Tax Abatement Agreement <br /> <br />Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />S:\Industrial Siting\Sportech Expansion II\Memos\4.21.08 CC Action Requested.doc <br />