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ITEM #6. <br />of <br />ver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic Developmen~~~~ <br />DATE: March 10, 2008 <br />SUBJECT: Call Public Hearing for Disposition of EDA Property <br />- Lot 4, Block 1 Northstar Business Park <br />Attachment <br />• Location Map -Northstar Business Park <br />Issue <br />In accordance with statutory requirements, the EDA is asked to call a public hearing for <br />April 14, 2008 to consider public comments regarding the disposition of EDA property, <br />described above, for the proposed Sportech, Inc. expansion project. <br />Project Description <br />Staff has been working with Sportech, Inc. over the past year to identify a site and financing <br />assistance to relocate and expand the company's operations in Elk River. The proposed <br />project includes the initial construction of an 80,000-square foot light industrial facility <br />(expandable up to a total 120,000-sf), the retention of 68 full-time jobs and the creation of <br />25 new full-time jobs within 2-years of project completion. <br />The expansion project will involve finance participation from the company's lender and the <br />following public financing applications: <br />• City of Elk River Tax Abatement (land purchase) <br />• Sherburne County Tax Abatement (land purchase) <br />• EDA Micro Loan (equipment) <br />• City application to the MN Dept of Employment & Economic Development <br />(DEED) for a MN Investment Fund loan (equipment) <br />