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6. HRSR 01-03-2006
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6. HRSR 01-03-2006
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HRSR
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1/3/2006
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ITEM # 6. <br />city <br />E <br />liver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />Scott Clark, Community Development Director <br />DATE: January 3, 2006 <br />SUBJECT: Consider Tax Rebate Financing Application for The Bank of Elk <br />River Expansion <br />Attachments <br />• Tax Rebate Financing Application -The Bank of Elk River <br />• City of Elk River Tax Rebate Financing Policy <br />• Staff Correspondence to Pat Dwyer, The Bank of Elk River dated April 11, 2005 <br />• July 11, 2005 City Council Meeting Minutes <br />• Tax Rebate Financing Review Worksheet <br />• Letter from Sherburne County Assessor dated December 28, 2005 <br />• Abatement Fact Sheet -Ehlers & Associates, Inc. <br />Issue <br />The attached application for Tax Rebate Financing (TRF), or abatement, has been submitted <br />by The Bank of Elk River. The Bank is requesting TRF assistance for the expansion of <br />20,000 square feet to their existing facility downtown. Specifically, the applicant is <br />requesting the City rebate up to $300,000 of its portion of the new property taxes generated <br />from the project, and the County rebate a matching share for a combined total of $600,000. <br />Normally the City has provided tax abatement to manufacturing businesses. Under the <br />City's attached TRF Policy Section V. Project Qualifications "commercial redevelopment or <br />rehabilitation" proposals can be considered for the use of TRF. It is appropriate for the <br />HRA to review and provide recommendation to the City Council of this request since the <br />project involves significant redevelopment in the downtown area. <br />Background <br />Earlier in 2005 staff was notified by representatives of The Bank of Elk River about <br />preliminary discussions to expand the Bank's corporate offices to accommodate an <br />additiona120,000 square feet for current and future growth of the company. The Bank had <br />
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