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<br />Coon Rapids. It is anticipated that the project will create at least 7 new jobs paying a wage of at <br />least $14 per hour in a two-year period. Mr. Sullivan stated the proposed land cost write down <br />subsidy is $150,000, which meets the job creation criteria of one job per $25,000 of assistance <br />set forth by the City Council. The proposed project and assistance package has been <br />recommended by the Ramsey Economic Development Authority. <br /> <br />Economic Development Coordinator Sullivan stated the County Assessor has estimated an <br />assessed taxable market value of approximately $1,400,000 for the project. It is anticipated that <br />the project will generate $42,000 annually in taxes and approximately $27,250 annually in tax <br />capacity. The tax increment generated per year will be approximately $20,000 per year toward <br />the TIF District. This would be used to assist the City with its payment for public improvements <br />associated with TIF District No.2 as well as the land cost write-down. Mr. Sullivan stated this <br />project will maximize a difficult site. <br /> <br />Citizen InDut <br /> <br />There was none. <br /> <br />Motion by Councilmember Jeffrey, seconded by Councilmember Strommen, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Jeffrey, Strommen, Dehen, Elvig, <br />and Look. Voting No: None. Absent: Councilmember Olson. <br /> <br />The public hearing was closed at 7:49 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:49 p.m. <br /> <br />Mr. Christopher Mundt stated he is an attorney and this is his project. He is hoping to bring a law <br />firm and satellite project to the City. He is asking for Council's approval of the development <br />agreement. <br /> <br />Councilmember Elvig commented this is an odd marriage of businesses; they have put <br />something unique together to operate on this unique piece of property. He stated he is pleased to <br />see a challenged piece of property with a nice building and a good result for the City. <br /> <br />Mayor Gamec stated it is great when small businesses can join together like this. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Strommen, to authorize business <br />subsidy agreement with Asset Resources and Acquisition, LLC, and to authorize execution of a <br />development agreement with Asset Resources and Acquisition, LLC, contingent upon review by <br />the City Attorney. <br /> <br />City Council / January 22, 2008 <br />Page 7 of 22 <br />