00-062 RESRESOLUTION 00-fl2_
CITY OF ELK RIVER
A RESOLUTION APPROVING SUBSIDY ASSISTANCE TO
EQUITY MANAGEMENT, INC.
Whereas, Equity Management, Inc. has filed an application for subsidy
assistance for the construction of an 22,500 square foot multi-tenant light
industrial building on the north half of Lot 1, Block 1 of the Country Crossing
Business Center Second Addition, Elk River, MN;
Whereas, Equity Management, Inc. has submitted a Tax Increment
Financing application that satisfies the requirements of the City of Elk
River's Tax Increment Financing policy;
Whereas, Equity Management, Inc. is requesting subsidy assistance in the
value of $175,900 to be provided by a land sale write down at $165,400 less
than market value, approximately $8,000 in subdivision expenses incurred by
the EDA, and an estimated $2,500 for utilities extension;
Whereas, the EDA has determined that creation of jobs is not a primary goal
of the project and has held a public hearing to consider public input, and has
established, an alternative goal of the project to be the construction within
one year of the benefit date, a 22,000 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, and 3) Result in additional private investment in the area and,
4) eventual job creation.
Now Therefore Be It Resolved, the Elk River City Council approves
providing subsidy assistance as outlined in the Performance/Assistance
Agreement with Equity Management, Inc. for the purposes of industrial
economic development as described above.
Where Upon the resolution is adopted and passed this 14th day of August
2000.
Sandra A. Peine, City Clerk