5.4. SR 04-12-2004 - Laserfiche WebLink

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Item 5.4. MEMORANDUM TO: FROM: DATE: Economic Development Authority Mayor & City Council Catherine Mehelich, Director of Economic Developmen~ April 12, 2004 SUBJECT: Consider Tax Rebate Financing Request for Badger Ventures, LLC (Gradient Technology, Inc.) Attachments · PrelimmauT Expansion Siting Proposal for Gradient Technology, Februa~7 2, 2004. · Revised Preliminary Expansion Siting Proposal for Gradient Technology, March 9, 2004. · Tax Rebate Financing Application from Gradient Technology, Inc. · Tax Rebate Financing Projection Worksheet, Gradient Technology · Public Hearing Nodce, published March 31, 2004 · Resolution Approving Property, Tax Abatement · DRAFT- Tax Abatement and Business Subsidy Agreement Issue At its March 8, 2004 meeting the Economic Development Authoritw and City Council approved the attached Revised Preliminary Expansion Siting Proposal and that Gradient Technology be considered for receiving Tax Rebate (Abatement) Financing. Staff anticipates that a representative from Gradient Technology ~vill be present at the EDA meeting to discuss the proposed project. Prior to the Council's final consideration, staff u, pically requests that the EDA revie~v, comment, and often times provide a recommendation to the City Council regarding tax abatement and tax increment financing requests. Background Gradient Technology (G.D.O., Inc.) demilitarizes munitions for various branches of the militant. None of the demilitarization is performed at the company's Minnesota facili~', but rather at Crane Naval Service Warfare Center in Crane, Indiana. The Minnesota facility ~vill be used for Gradient Technology's business office and for providing chemical engineering design services and equipment fabrication. The company will also have a lab for conducting research and development.