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RESOLUTION 00-fl2_ <br />CITY OF ELK RIVER <br /> <br />A RESOLUTION APPROVING SUBSIDY ASSISTANCE TO <br /> EQUITY MANAGEMENT, INC. <br /> <br />Whereas, Equity Management, Inc. has filed an application for subsidy <br />assistance for the construction of an 22,500 square foot multi-tenant light <br />industrial building on the north half of Lot 1, Block 1 of the Country Crossing <br />Business Center Second Addition, Elk River, MN; <br /> <br />Whereas, Equity Management, Inc. has submitted a Tax Increment <br />Financing application that satisfies the requirements of the City of Elk <br />River's Tax Increment Financing policy; <br /> <br />Whereas, Equity Management, Inc. is requesting subsidy assistance in the <br />value of $175,900 to be provided by a land sale write down at $165,400 less <br />than market value, approximately $8,000 in subdivision expenses incurred by <br />the EDA, and an estimated $2,500 for utilities extension; <br /> <br />Whereas, the EDA has determined that creation of jobs is not a primary goal <br />of the project and has held a public hearing to consider public input, and has <br />established, an alternative goal of the project to be the construction within <br />one year of the benefit date, a 22,000 sf multi-tenant building. <br /> <br />Whereas, the project will satisfy the following public purposes: <br />1) enhancement and diversification of the city's economic industrial base, and <br />2) contributes to the fulfillment of the Strategic Plan for Economic <br />Development, and 3) Result in additional private investment in the area and, <br />4) eventual job creation. <br /> <br />Now Therefore Be It Resolved, the Elk River City Council approves <br />providing subsidy assistance as outlined in the Performance/Assistance <br />Agreement with Equity Management, Inc. for the purposes of industrial <br />economic development as described above. <br /> <br />Where Upon the resolution is adopted and passed this 14th day of August <br /> <br />2000. <br /> <br />Sandra A. Peine, City Clerk <br /> <br /> <br />