00-063 RESRESOLUTION 00-6~
CITY OF ELK RIVER
A RESOLUTION APPROVING SUBSIDY ASSISTANCE TO
DAVID & CAROLE RIPPLINGER
Whereas, David & Carole Ripplinger have filed an application for subsidy
assistance for the construction of an 15,200 square foot light industrial
building on the south half of Lot 1, Block i of the Country Crossing Business
Center Second Addition, Elk River, MN;
Whereas, David & Carole Ripplinger have submitted a Tax Increment
Financing application that satisfies the requirements of the City of Elk
River's Tax Increment Financing policy;
Whereas, David & Carole Ripplinger are 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 goals of the project include the construction within one year of
the benefit date, a 15,000 sf light industrial 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) Job creation.
Now Therefore Be It Resolved, the Elk River City Council approves
providing subsidy assistance as outlined in the Performance/Assistance
Agreement with David & Carole Ripplinger for the purposes of industrial
economic development as described above.
Where Upon the resolution is adopted and passed this 14th day of August
2000.
S~ar~dra A. Pein~, City Clerk