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RESOLUTION 00-6~ <br /> <br />CITY OF ELK RIVER <br /> <br />A RESOLUTION APPROVING SUBSIDY ASSISTANCE TO <br /> DAVID & CAROLE RIPPLINGER <br /> <br />Whereas, David & Carole Ripplinger have filed an application for subsidy <br />assistance for the construction of an 15,200 square foot light industrial <br />building on the south half of Lot 1, Block i of the Country Crossing Business <br />Center Second Addition, Elk River, MN; <br /> <br />Whereas, David & Carole Ripplinger have 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, David & Carole Ripplinger are requesting subsidy assistance in <br />the value of $175,900 to be provided by a land sale write down at $165,400 <br />less than market value, approximately $8,000 in subdivision expenses <br />incurred by the EDA, and an estimated $2,500 for utilities extension; <br /> <br />Whereas, the goals of the project include the construction within one year of <br />the benefit date, a 15,000 sf light industrial 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) 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 David & Carole Ripplinger 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 />S~ar~dra A. Pein~, City Clerk <br /> <br /> <br />