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TO: <br /> <br />CC: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br /> MEMORANDUM <br /> <br />Mayor & City Council <br /> <br />Economic Development Authority <br /> <br />Catherine Mehelich, Director of Economic <br /> <br />July 8, 2002 <br /> <br />Consider Property Tax Abatement for Elk <br />Professional Office Building Project <br /> <br />Item 5.2. <br /> <br />Background <br />The City Council held a public hearing on June 10, 2002 regarding <br />(tax abatement) application by Elk Path, LLC for the construction <br />bmlding. <br /> <br />Following the public hearing the City Council held a joint meetin <br />Economic Development Authority to discuss policy issues related <br />financing for office developments. It was the consensus of the <br />Elk Path, EEC project be evaluated based on the city's amended <br />policy. <br /> <br />Analysis & Recommendation <br />The proposed Elk Path, LLC professional office building project <br />new minimum requirement for 50% of the available office space to <br /> <br />Since the Elk Path LLC project, as proposed, does not meet the <br />recommends the application be denied. The project may be <br />space is pre-leased, or the project scope is revised. <br /> <br />S:~EDA~TAXABATE\ElkPathLLC~7-8-02.doc <br /> <br />Rebate Financing <br />fessional office <br /> <br /> 24, 2002 with the <br />~e of tax rebate <br /> EDA that the <br /> Financing <br /> <br />meet the city's <br /> <br />requirement staff <br />)nce 50% of the <br /> <br /> <br />