Laserfiche WebLink
<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Consent May 15,2006 <br /> <br />Item Number <br />3.9.B. <br /> <br />Prepared by <br />Catherine Mehelich, Director of If h <br />Economic Develo ment 1'/1 <br />Reviewed by <br />Scott Clark, Community Development <br />Director <br /> <br />Item Description <br />Consider Adoption of Amended Tax Abatement Policy <br /> <br />Introduction <br />The City of Elk River adopted its original Tax Rebate (Abatement) Financing Policy in April 2000, shortly <br />after the state legislature authorized the use of tax abatement as an economic development financing tool. <br />The policy was amended in August of 2002 to include clarifications on the use of tax abatement for <br />speculative office developments. <br /> <br />Discussion <br />The attached policy includes the amendments noted in the March 13, 2006 staff report and discussion at <br />the EDA meeting. <br /> <br />Financial Impact <br />None <br /> <br />Attachments <br />. City of Elk River Tax Abatement Policy & Application, Amended May 2006 <br />. Staff report to the EDA dated March 13, 2006 <br /> <br />Action Requested <br />The EDA recently reviewed and adopted the attached amended Tax Abatement Policy. Staff requests the <br />City Council consider adoption of the amended Tax Abatement Policy. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />S:\EDA\TAXABATE\2006 Policy Revision\5.15.06 COUNCIL.tax abatement.doc <br />