6.0 EDSR 09-08-2008ITEM # 6.
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MEMORANDUM
TO: Economic Development Authority
FROM: Jeff Gongoll, Community Development Director
DATE: September 8, 2008
SUBJECT: Update: Energy Entertainment Proposal
On August 28, 2008, we received correspondence from Energy Entertainment Enterprises,
LLC, informing the City that at this time they are "formally and respectively" withdrawing
their proposal. Nevertheless, they have stated that they would be "... open to meeting with
the City of Elk River in regards to this withdrawal upon request."
Further, they have requested that their $5,000 tax abatement fee be refunded.
By policy, the fee is not refundable as stated in the City's Tax Abatement Policy &
Application dated May 2006, Section VII. Application Process for Tax Abatement,
Paragraph A. 1. "Applicant submits the completed application along with anon-refundable
$5,000 application deposit."
No further action is required.