EDA SPECIAL MEETING AGENDA 02-19-2019Meeting Protocol Ensure all are heard Come prepared Adhere to time limits Don’t take things personally Ensure you understand State your concern No interruptions No sidebar discussions
Special Meeting
of the
Tuesday, February 19, 2019
4:30 p.m.
Economic
Elk River City Hall
Upper Town Conference Room
Development
Authority
AGENDA
1. CALL MEETING TO ORDER
2. WORK SESSION
2.1 Energy Incentive Program
3. ADJOURNMENT
Special Meeting Motice
Elk River Economic Development Authority
Tuesday, February 19, 8019
4:30 p.m.
Elk River City Hall
13065 Orono Parkway
Elk River, Minnesota
The purpose of the meeting is as follows:
■ Energy Incentive Program
Dan Tveite
President, Economic Development Authority
a l/3 /� q
Date
I HEREBY CERTIFY, that this notice has been posted and that I have served this notice
upon the members of the Economic Development Authority by mail at least one day prior
to the above -called special meeting. In accordance with State Statute, this notice will be
posted at least three days to the meeting date.
Tina Allard, City C-FeA Date
PPIIoI I A E A �]0 1
I ATUR
Elk River, MN…On the cutting edge
Action RequestedDiscuss Energy Incentive Program attraction and retention tool for new businesses.application and policy as an
Energy Incentive Program
Elk River, MN…On the cutting edge
About the ProgramThe proposed city incentive would waive ERMU’s Payment in electric service bill for up to two years.credit distributed through the applicant’s monthly ERMU businesses
meeting very specific criteria and redirect it as a Lieu of Taxes (PILOT) as a development tool for new
Energy Incentive Program
Elk River, MN…On the cutting edge
Program GoalsStimulate Incentivenew retain growing business.attract new businesstax base job private sector creationgrowthinvestment
Energy Incentive Program
Elk River, MN…On the cutting edge
RequirementsProject design evaluationMinimum Calculated Eligible Peak 50 Compliance Letter new electric demand of jobs/min ERMU Commitmentof $80,000 in total annual property
economic output of $-city service areahourly wage of $codes, > 50kW/ordinances, policies & approved plansmo10M18taxes.
Energy Incentive Program
Elk River, MN…On the cutting edge
Approximate Annual PILOT
Energy Incentive Program
Elk River, MN…On the cutting edge
Project Name Jobs Property Taxes Total Output
Job Creation, Property Taxes and Total Output Examples
Energy Incentive Program
Zablocki 17 $ 14,300.00 4,266,308
APEX 25 $ 31,300.00 4,968,131
GATR 63 $ 160,000.00 7,669,166
Theco 38 $ 37,775.00 7,986,398
Sportech 276 $ 216,400.00 92,495,959
Elk River, MN…On the cutting edge
Eligibility Timeline Map
Program
Energy Incentive