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<br />Public Hearin!! <br /> <br />Mayor Gamec called the public hearing to order at 7:31 p.m. <br /> <br />Presentation <br /> <br />Economic Development Coordinator Sullivan stated that a development agreement with <br />Diamond Team Properties had been negotiated. He stated that the project includes construction <br />of a 50,406 sq. ft. office/manufacturing building, which should be completed by August 2008. <br />The company currently has 50 employees with two facilities in Blaine and St. Louis Park. He <br />stated that this project should create 12 new jobs over a two-year period that pays at least $14.00 <br />per hour. He noted that the proposed land cost write down subsidy is $300,000 and meets the job <br />creation criteria set by the City Council. He stated that the EDA has reviewed this proposal and <br />recommended approval. He reviewed some tax information and noted that the taxable market <br />value for the property is approximately $2,980,000, which will generate about $87,000 in taxes <br />and about $59,000 in tax capacity annually. He stated that because this property is in a tax <br />increment district (TlF) it will generate approximately $30,000 per year toward the TlF which <br />will help the City with its payments for public improvements associated with Sunfish Lake <br />Business Park and the land cost write-down. He stated that Don Patterson of Diamond Team <br />Properties was present tonight to answer any questions the City Council may have. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Elvig, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Elvig, Dehen, Look, <br />Olson, and Strommen. Voting No: None. Absent: Councilmember Jeffrey. <br /> <br />The public hearing was closed at 7:33 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:33 p.m. <br /> <br />Councilmember Dehen asked for an explanation of the land cost write down subsidy. <br /> <br />Economic Development Coordinator Sullivan stated that the City is giving the land to the <br />business for a value of $300,000. The land is valued at $450,000, so the business will have to <br />pay the $150,000 difference. <br /> <br />Councilmember Dehen asked what the City was trying to accomplish with this land cost write <br />down. <br /> <br />City Council! November 13, 2007 <br />Page 6 of 19 <br />