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ITEM # 6. <br />of <br />t~ver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Jeff Gongoll, Community Development Director <br />DATE: September 8, 2008 <br />SUBJECT: Update: Energy Entertainment Proposal <br />On August 28, 2008, we received correspondence from Energy Entertainment Enterprises, <br />LLC, informing the City that at this time they are "formally and respectively" withdrawing <br />their proposal. Nevertheless, they have stated that they would be "... open to meeting with <br />the City of Elk River in regards to this withdrawal upon request." <br />Further, they have requested that their $5,000 tax abatement fee be refunded. <br />By policy, the fee is not refundable as stated in the City's Tax Abatement Policy & <br />Application dated May 2006, Section VII. Application Process for Tax Abatement, <br />Paragraph A. 1. "Applicant submits the completed application along with anon-refundable <br />$5,000 application deposit." <br />No further action is required. <br />