Laserfiche WebLink
Item If 6 <br /> � <br /> City of <br /> Elk -� <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development/�1..� <br /> DATE: May 13, 2002 <br /> SUBJECT: Consider Tax Rebate Financing Application <br /> -J.L.T. Partnership, L.L.P. &John C. Weicht & Associates, L.L.P. <br /> Attachments <br /> * Tax Rebate Financing Application—J.L.T. Partnership,L.L.C. &John C. Weicht& <br /> Associates,L.L.P. <br /> • *Tax Rebate Financing Proposal Review Worksheet <br /> *Tax Rebate Financing Projection Worksheet <br /> * City of Elk River Tax Rebate Financing Policy <br /> *Article: "Abatement...the new development tool of choice",April 29, 2002 MN Real <br /> Estate Journal. <br /> Issue <br /> An application for Tax Rebate Financing (TRF) has been submitted by J.L.T. Partnership, <br /> L.L.P. and John C. Weicht&Associates,L.L.P. The partnership (Elk Path,L.L.C.) is <br /> requesting TRF assistance for the construction of a 42,000 square foot professional office <br /> building to be located in the West Business Park. Specifically, the applicant is requesting the <br /> City abate up to $200,000 of its portion of the new property taxes from the project. Lynn <br /> Caswell of J.L.T. Partnership,L.L.P., and John Weicht will be present at the EDA meeting <br /> to answer any questions. <br /> Background <br /> J.L.T. Partnership,L.L.P. and John C. Weicht&Associates,L.L.P. will be forming a <br /> partnership by the name of Elk Path,L.L.C. in order to construct a 42,000 square foot multi- <br /> tenant office building in the West Business Park. The building will be designed for lease to <br /> professional,medical, and legal related businesses. Local company,John Oliver& <br /> Associates, Inc. will occupy 7,000 square feet of the building. The building will include <br /> amenities such as fiber optics, a T-1 line,heated underground parking and environmentally <br /> efficient geothermal heating and cooling. <br />