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ITEM # 8.3. <br /> • <br /> 41,/ <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development r <br /> DATE: August 8, 2005 <br /> SUBJECT: Consider Recommendation to City Council for Approval of Tax <br /> Rebate Financing Assistance to Medical Extrusion Technologies, <br /> 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 Medical <br /> Extrusion Technologies, Inc. (MET) and recommended that the City Council call a public <br /> hearing for August 15,2005 to consider providing TRF assistance to MET. Attached is the <br /> public hearing notice that appeared in the Elk River Star News on August 3, 2005. <br /> Established in 1990, MET manufactures plastic tubing and profiles for medical, commercial, <br /> telecommunications and recreational applications. The company is owned and managed by <br /> Tom Bauer and his wife,Rikki. The company currently owns a 20,000 SF facility in <br /> Murietta, CA and is seeking a suitable "sister"location within the Minnesota metro area to <br /> expand and move closer to their clients in the area. <br /> It is proposed that MET will purchase the land"up front" from the EDA and that the City <br /> and County will reimburse the company 100% of the land cost over an estimated 15-year <br /> period. <br /> • <br />