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RESOLUTION 00- 73 <br /> <br />CITY OF ELK RIVER <br /> <br /> A RESOLUTION AMENDING <br />RESOLUTION 00-62 AND RESOLUTION 00-63 <br />APPROVING SUBSIDY ASSISTANCE <br /> <br />Whereas, the City Council reviewed and approved by Resolution No. 00-62 and 00- <br />63 the applications for subsidy assistance submitted by David & Carole Ripplinger <br />and Equity Management, Inc. ("Recipients") in the estimated amount of $175,900 <br />each to be provided by the Economic Development Authority, and; <br /> <br />Whereas, the City had established and the Recipients agreed that the project will <br />satisfy at least two public purposes and meet specific project goals, and; <br /> <br />Whereas, the Recipients have agreed to construct a minimum of 22,500 square feet <br />each, and the Recipients have requested additional subsidy assistance in an <br />estimated amount of $2,500 each to be provided by the Economic Development <br />Authority incurring 100% of the expense for water and sewer extension to the <br />property line, and; <br /> <br />Whereas, the Recipient project is consistent with the Economic Development <br />Strategic Plan and will result in more industrial taxable value in the community by <br />providing additional leasible light industrial space, and which has the potential for <br />job creation. <br /> <br />Now Therefore Be It Resolved, the Elk River City Council amends Resolution <br />No. 00-63 and 00-62 to provide subsidy assistance as outlined in the form of a <br />subsidy agreement to David and Carole Ripplinger and Equity Management, Inc. in <br />the revised total estimated amount of $178,400 each, and the City has established <br />that the specific project goals are revised to be the construction of a minimum of a <br />22,500 square foot light industrial building to be completed within one year of the <br />benefit date, and the job goals established herein remain. <br /> <br />Where Upon the resolution is adopted and passed this 28th day of August, 2000. <br /> <br />- S~eph~e ~Klinzing, Ma~ / <br /> <br />ATTEST: <br /> <br />Sandra A. Peine, City Clerk <br /> <br /> <br />