Minutes - Council - 07/08/2003 - Laserfiche WebLink

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wage of at least $12.00 per hour in a two-year period. The County Assessor has established an assessed taxable market value of approximately $550,000 for the project. It was anticipated that the project will generate $11,800 annually in taxes and approximately $10,750 annually in tax capacity. The tax increment generated per year will be approximately $9,300 toward the TIF District, which would be used to assist the City with its payment for public improvements. Citizen Input There was none. Motion by Councilmember Pearson, seconded by Councilmember Strommen, to close the public hearing. Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Pearson, Strommen, Cook, Elvig, Kurak, and Zimmerman. Voting No: None. The public hearing closed at 7:32 p.m. Council Action The regular meeting of the City Council was called back to order at 7:32 p.m. Councilmember Kurak requested that staff explain where the $65,000 in City assistance came from. City Administrator Norman explained that the dollars had already been spent in the form of land purchase years ago. The City captures funds to pay off the City for purchasing the land. Councilmember Kurak stated that she wanted to make it clear that nothing was coming from the general fund for this project. City Administrator Norman replied that that was correct, noting that it was a TI F project. Councilmember Elvig inquired as to when the TIF District will decertify. City Administrator Norman replied 2012. Motion by Councihnember Cook, seconded by Councilmember Pearson, to authorize business subsidy agreement with L & D Properties, LLC and to authorize execution of a development agreement with L & D Properties, LLC, contingent upon review by the City Attorney. Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Cook, Pearson, Elvig, Kurak, Strommen, and Zimmerman. Voting No: None. City Council/July 8, 2003 Page 8 of 30