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City <br /> E1 Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> Other Business November 18,2013 Brian Beeman,Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> Project Updates Jeremy Barnhart,Deputy Director, CODD <br /> Reviewed by <br /> Action Requested <br /> None <br /> Background/Discussion <br /> The purpose of this report is to provide an update on the Economic Development Divisions' ongoing <br /> projects of interest to the EDA. <br /> Professional Service Bureau(PSB) <br /> Staff has held numerous phone conversations,meetings, and email correspondence in response to Mr. <br /> Briggs,who represents Professional Service Bureau(PSB). Options were provided including: 1. <br /> Purchasing the land at the EDA's set price,2. Leasing the land for a temporary parking lot,3.PSB to <br /> purchase the building and land then the City to work on a possible Tax Abatement. To this date, staff has <br /> not received a Tax Abatement application.Mr.Briggs remains rigid in is desire to purchase the property <br /> for 1$. <br /> Orluck Industries <br /> Closing documents have been drafted and EDD staff is waiting for the bank's lead to notify staff when a <br /> closing date will be set for the approved Forgivable loan that the EDA approved April 8,2013. <br /> The Bank of Elk River- Business Subsidy Job Goals <br /> In cooperation from the State DEED office,EDD staff has allowed The Bank of Elk River to report <br /> November 2013 instead of the September 2013 deadline to meet its wage and job goals. The bank <br /> reported their numbers on November 1,2013.From the November reporting,the bank has not met its <br /> wage and job goals. The EDA Finance Committee met to discuss the situation. The EDA Finance <br /> Committee directed staff to obtain information on wage and job goals from the bank. The bank has until <br /> December 5,2013 to provide the requested information. The committee also recommended suspending <br /> all future abatement and requesting the bank pay all attorney fees as required in the Business Subsidy <br /> Agreement. The EDA Finance Committee will review the banks reporting numbers at its next meeting <br /> December 10,2013. The committee is trying to determine the "high-water mark" of wage and job goals <br /> P 0 W A E R E 0 � E <br />