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ITEM # 6.2. <br />t~ver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic Development~~ <br />DATE: May 8, 2006 <br />SUBJECT: Consider Adoption of Amended Tax Abatement Policy <br />Attachments <br />• Tax Abatement Policy and Application, Amended May 2006 <br />Background <br />The City of Elk River adopted its original Tax Rebate Financing Policy in Apxi12000, shortly <br />after the state legislature authorized the use of tax abatement as an economic development <br />financing tool. The policy was amended in August of 2002 to include clarifications on the <br />use of tax abatement Fox speculative office developments. <br />Recommendation <br />The attached policy includes the amendments discussed at the March 13, 2006 EDA <br />meeting. Staff recommends that the EDA consider adoption of the amended Tax <br />Abatement Policy. Following the EDA's adoption, the City Council will be asked to adopt <br />the amended policy. <br />