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Consider "1'ax Rebate Financing for The Bank of Elk River Expansion Project <br />~anuary 3, 2006 I I12A Meeting <br />Page 4 of 4 <br />Staff recommendation <br />Staff recommends that the HRA consider Option 3 and a requirement that The Bank of Elk <br />River create 20 new full-time positions as a result of the expansion project at a minimum <br />hourly wage of $15.00 within two years of project completion. <br />Next Step <br />Following the HRA's recommendation a City Council public hearing will be scheduled, as <br />required by statutes, to consider providing tax abatement and business subsidy to The Bank <br />of Elk River expansion project. <br />S:\ED~1\TAX.~BATE\Bank of Elk River\Memos\1.3.06 HRrl.doc <br />