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�j <br /> Elk = - Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 7.4 <br /> Agenda Section Meeting Date Prepared by <br /> Public Hearin May 18, 2015 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> Resolution Approving Property Tax Abatements Cal Portner, City Administrator <br /> and Authorizing Execution of a Tax Abatement Reviewed by <br /> Agreement for GATR of Sauk Rapids, Inc. <br /> Action Requested <br /> 1. Open public hearing to consider comment on the proposed tax abatement for GATR of Sauk Rapids, <br /> Inc. <br /> 2. Following the public hearing, the Council is asked to consider adoption of the attached Resolution <br /> Approving Property Tax Abatements and Authorizing Execution of a Tax Abatement Agreement for <br /> GATR. <br /> Background/Discussion <br /> The City Council must hold a public hearing and invite comments for any business subsidy in the amount <br /> greater than $150,000. <br /> The attached staff report provides background on the project as considered by the EDA on May 18 for <br /> land sale and tax abatement. <br /> Financial Impact <br /> Up to $546,814 in city tax abatement assistance, to be distributed "pay as you go" for 15 years. This <br /> abates the entire city share of taxes on the property. <br /> Attachments <br /> • May 18, 2015, EDA Staff Report <br /> • April 28, 2015, EDA Finance Committee Staff Report <br /> • GATR Property Tax Abatement Application <br /> • Springsted Analysis <br /> • Resolution Approving Tax Abatement <br /> • Property Tax Abatement and Subsidy Agreement <br /> p0WIRED 0 <br /> NA UREJ <br />