7.0. EDSR 04-12-2004 - Laserfiche WebLink

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ITEM I • iSkj , River MEMORANDUM TO: Economic Development Authority Mayor & City Council FROM: Catherine Mehelich, Director of Economic Developmen DATE: April 12, 2004 SUBJECT: Consider Tax Rebate Financing Request for Badger Ventures, LLC Attachments( Issue Technology, Inc.) • Preliminary Expansion Siting Proposal for Gradient Technology, February 2,2004. • Revised Preliminary Expansion Siting Proposal for Gradient Technology,March 9,2004. • Tax Rebate Financing Application from Gradient Technology, Inc. • Tax Rebate Financing Projection Worksheet, Gradient Technology • Public Hearing Notice,published March 31, 2004 • Resolution Approving Property Tax Abatement • DRAFT—Tax Abatement and Business Subsidy Agreement At its March 8, 2004 meeting the Economic Development Authority and City Council approved the attached Revised Preliminary Expansion Siting Proposal and that Gradient Technology be considered for receiving Tax Rebate (Abatement) Financing. Staff anticipates that a representative from Gradient Technology will be present at the EDA meeting to discuss the proposed project. Prior to the Council's final consideration, staff typically requests that the EDA review, comment, and often times provide a recommendation to the City Council regarding tax abatement and tax increment financing requests. Background Gradient Technology (G.D.O., Inc.) demilitarizes munitions for various branches of the military. None of the demilitarization is performed at the company's Minnesota facility,but rather at Crane Naval Service Warfare Center in Crane, Indiana. The Minnesota facility will be used for 911) Gradient Technology's business office and for providing chemical engineering design services and equipment fabrication. The company will also have a lab for conducting research and development.