6.3. SR 06-21-2004 - Laserfiche WebLink

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MEMORANDUM Item 6.3. TO: FROM: DATE: SUBJECT: Mayor & City Council Catherine Mehelich, Director of Economic Development June 21, 2004 PUBLIC HEARING - Consider Approval of Micro Loan Business Subsidy and Tax Rebate (Abatement) Financing for Badger Ventures, LLC (Gradient Technology) Project Attachments · Ms. Mehelich Staff Report to the EDA regarding Project, June 14, 2004 · Public Hearing Notice · Resolution Approving Property Tax Abatements · Resolution Authorizing Execution of a Tax Abatement and Business Subsidy Agreement · Draft Tax Abatement and Business Subsidy Agreement Background At its April meeting the City Council held a public hearing on the Tax Abatement (Tax Rebate Financing) request and business subsidy for Badger Ventures, LLC. The EDA and Council took no action on the request due to several unresolved issues related to the Tax Rebate Financing (TRF) application. At its May meeting the EDA requested that the Finance Committee consider making a recommendation to the EDA regarding possible amendments to the Industrial Incentive ($100,000) Micro Loan Program eligibility for citywide use rather than limited to the West Business Park. In addition, the Finance Committee was asked to review and make recommendation on a Micro Loan application from Badger Ventures, LLC (Gradient Technology). Issue At its June meeting the EDA reviewed and approved the recommendations from the Finance Committee for amendments to the Micro Loan Policy and for approval of the Badger Ventures, LLC (Gradient Technology) Micro Loan. In addition the EDA considered the analysis and made a recommendation to the City Council for approval of the Badger Ventures, LLC Tax Rebate Financing request. The attached staff report to the EDA regarding the project provides background and analysis of the financing requests.