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district. It also creates a tingle document that can be referenced by external soureeg that <br />illustrates what dollars are being spent on for each specific district. Secondly, the new <br />documents clearly identify parcels and projects that may be acquired for development purposes. <br />This is important because parcels originally identified in early TIF plans have since been <br />subdivided and have been given new Tax ID numbers. Thirdly, this amendment will allow TIF <br />District No. 6 and TIF District No. 8 to recapture lost tax increment due to the property tax <br />reform of 2001. <br /> <br />Citizen Input <br /> <br />There was norle. <br /> <br />Motion by Councilmember Cook, seconded by Councilmember Zimmerman, to close the public <br />hearing. <br /> <br />Motion can'ied. Voting Yes: Mayor Gamec, and Councilmembers Cook, Zimmerman, Kurak, <br />Pearson, and Strommen. Voting No: None. <br /> <br />The public hearing closed at 7:09 p.m. <br /> <br />Council Action <br /> <br />The regular meeting of the City Council was called back to order at 7:09 p.m. <br /> <br />Motion by Councilmember Zimmerman, seconded by Councilmember Pearson, to adopt <br />Resolution #03-06-157 adopting TIF Plan Amendments for TIF District No. 1, 2, 4, 6 and 8. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Zimmerman, Pearson, Cook, <br />Kurak, and Strommen. Voting No: None. <br /> <br />Case #4: <br /> <br />Public Hearing: Application to the Minnesota Investment Fund to Provide <br />Financing for Panther Precision Machine, Inc. <br /> <br />Mayor Gamec called the public hearing to order at 7:12 p.m. <br /> <br />Presentation <br /> <br />Economic Development Consultant Mulrooney stated that one of the City of Ramsey's successes <br />this year has been the attraction of Panther Precision Machine, Inc. to the community. The <br />company is in the process of constructing a 30,000 square foot manufacturing building in the <br />City's Sunfish Business Park. Panther Precision Machine, Inc. is a precision machining company <br />that has been in business since February 1998. Panther Precision will offer job opportunities at <br />significant wage levels while at the same time improving the City's commercial/industrial tax <br />base. The company started as a three-person team and currently has 14 full-time employees and <br />one part-time employee. It was anticipated that the company would create a minimum of seven <br /> <br />City Council/June 24, 2003 <br /> Page 6 of 37 <br /> <br /> <br />