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ITEM # 8.2. <br /> • <br /> ,J1,/ <br /> City of <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development S <br /> DATE: August 8, 2005 <br /> SUBJECT: Consider Recommendation to City Council for Approval of Tax <br /> Rebate Financing Assistance to O'Brien Holdings, LLC (Crystal <br /> Distribution, Inc.) <br /> Attachments <br /> • Public Hearing Notice,Elk River Star News,August 3, 2005 <br /> • • Northstar Business Park Preliminary Plat <br /> • Memo from Sid Inman of Ehlers &Associated dated August 3, 2005 <br /> • Resolution Approving Property Tax Abatement <br /> • DRAFT Tax Abatement and Business Subsidy Agreement <br /> Background <br /> On July 11, 2005, the EDA reviewed a Tax Rebate Financing (TRF) concept for O'Brien <br /> Holdings,LLC (who will lease the property to Crystal Distribution, Inc.) and recommended <br /> that the City Council call a public hearing for August 15,2005 to consider providing TRF <br /> assistance to O'Brien Holdings,LLC. Attached is the public hearing notice that appeared in <br /> the Elk River Star News on August 3, 2005. <br /> Established in 1994, Crystal Distribution, Inc. (CDI) primarily fabricates sheet metal into <br /> custom curb adapters which are used to replace existing roof top equipment with the new <br /> roof top equipment. The roof top units are sold to heating,ventilation and air conditioning <br /> (HVAC) distributors across the nation and into Canada. The company is owned and <br /> managed by Pat O'Brien and his wife,Bobbie Jo. The company currently leases 22,000 SF <br /> in Maple Grove. <br /> It is proposed that O'Brien Holdings,LLC will purchase the land "up front" from the EDA <br /> and that the City and County will reimburse the company 100% of the land cost over an <br /> estimated 12-year period. <br /> • <br />