5.2. SR 07-08-2002TO:
CC:
FROM:
DATE:
SUBJECT:
MEMORANDUM
Mayor & City Council
Economic Development Authority
Catherine Mehelich, Director of Economic
July 8, 2002
Consider Property Tax Abatement for Elk
Professional Office Building Project
Item 5.2.
Background
The City Council held a public hearing on June 10, 2002 regarding
(tax abatement) application by Elk Path, LLC for the construction
bmlding.
Following the public hearing the City Council held a joint meetin
Economic Development Authority to discuss policy issues related
financing for office developments. It was the consensus of the
Elk Path, EEC project be evaluated based on the city's amended
policy.
Analysis & Recommendation
The proposed Elk Path, LLC professional office building project
new minimum requirement for 50% of the available office space to
Since the Elk Path LLC project, as proposed, does not meet the
recommends the application be denied. The project may be
space is pre-leased, or the project scope is revised.
S:~EDA~TAXABATE\ElkPathLLC~7-8-02.doc
Rebate Financing
fessional office
24, 2002 with the
~e of tax rebate
EDA that the
Financing
meet the city's
requirement staff
)nce 50% of the