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6. HRSR 01-03-2006
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6. HRSR 01-03-2006
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1/3/2006
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r'ity of <br />~.~lk <br />River <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />April 11, 2005 <br />Pat Dwyer, Sr. V.P. & CFO <br />The Bank of EIk River <br />630 Main Street <br />Elk River, MN 55330 <br />Dear Pat, <br />We appreciate the opportunity to respond to The Bank of Elk River's needs and interest in <br />expanding its facilities in downtown Elk River. We recognize the value of The Bank of Elk <br />River's retail and corporate presence downtown and look forward to working with you on <br />the proposed project. The proposed project as discussed at our meeting on March 29, 2005 <br />is consistent with the City and HRA's goal for revitalizing downtown Elk River as a vibrant <br />retail and commercial area by stimulating new investment. <br />Based on the preliuluiary information that's been provided and discussed thus far, staff has <br />prepared this letter as a preluninary proposal for your consideration. Staff supports <br />recommending that the City and Sherburne County contribute to the project via apay-as- <br />you-go tax rebate of 100% of the increased City and County property taxes as a result of the <br />proposed project for a period of up to 10-years. <br />The actual amount of tax rebate assistance that could be provided under this structure would <br />be based on a number of factors including actual tax rates and market value in the year <br />following construction. Staff estimates that the tax rebate assistance could be within the <br />following range depending on the final increased market value as a result of the project: <br />Increased Market Value $ 2,440,000 (20,000sf @ $122/sf) <br />Combined C@ and County Taxes $41,000 annual <br />Total Estimated Amount of Assistance $ 410,000 after 10-years <br />Increased Market Value $ 3,300,000 (20,000sf @ $165/sf) <br />Combined Cit~and County Taxes $ 55,900 annual <br />Total Estimated Amount of Assistance $ 559,000 after 10-year <br />Phone: 763.635.1000 <br />Fax: 763.635.1090 <br />www.ci.elk-river.mn.us <br />
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