00-049 RESRESOLUTION 00- 49
CITY OF ELK RIVER
A RESOLUTION APPROVING THE USE OF TAX REBATE
FINANCING BY R&W ENTERPRISES
Whereas, R&W Enterprises, LLC has filed an application for Tax Rebate
Financing pursuant to Minnesota Statute 469.1812 to 469.1815 (Tax
Abatement) for the construction of an 18,000 square foot multi-tenant
industrial building on Lot 3, Block I of the McChesney Industrial Park, Elk
River, MN;
Whereas, R&W Enterprises, LLC has submitted a Tax Rebate Financing
application that satisfies the requirements of the City of Elk River's Tax
Rebate Financing policy;
Whereas, R&W Enterprises is requesting Tax Rebate Financing in the
amount of $24,638 (estimated) over a period of four years on a pay-as-you-go
basis;
Whereas, R&W Enterprises, as a development corporation, cannot be
directly responsible for the number of jobs created by the project or the wages
paid, agrees, as its goal under the business subsidy law, to construct within
one year of the benefit date, an 18,000 sf multi-tenant building.
Whereas, the project will satisfy the following public purposes: 1)
enhancement and diversification of the city's economic industrial base, and 2)
contributes to the fulfillment of the Strategic Plan for Economic
Development;
Now Therefore Be It Resolved, the Elk River City Council approves the
use of Tax Rebate Financing for the purposes of industrial economic
development as described above.
Where Upon the resolution is adopted and passed this 10th day of July
2000.
ATTEST:
Sandra A. Peine, City Clerk
Klinzing,~Vl~yor /
s: \ eda \ taxabate \ trf#1 \ resolut.doc