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City Administrator Norman stated that recently a development agreement with L and D <br />Properties (dba Precise Metalcraft) has been negotiated with City staff. The project includes the <br />construction of a 10,500 square foot office/warehouse building in the Summer of 2003. The <br />building will be located in West Radium Business Center First Addition south of the H & P <br />Properties building. It is anticipated that the project will create at least three new jobs paying a <br />wage of at least $12.00 per hour in a two-year period. The County Assessor has established an <br />assessed taxable market value of approximately $550,000 for the project. It was anticipated that <br />the project will generate $11,8000 annually in taxes and approximately $10,750 annually in tax <br />capacity. The tax increment generated per year will be approximately $9,300 toward the TIF <br />District, which would be used to assist the City with its payment for public improvements. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Pearson, seconded by Councilmember Strommen, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Pearson, Strommen, Cook, <br />Elvig, Kurak, and Zimmerman. Voting No: None. <br /> <br />The public hearing closed at 7:32 p.m. <br /> <br />Council Action <br /> <br />The regular meeting of the City Council was called back to order at 7:32 p.m. <br /> <br />Councilmember Kurak requested that staff explain where the $65,000 in City assistance came <br />from. <br /> <br />City Administrator Norman explained that the dollars had already been spent in the form' of land <br />purchase years ago. The City captures funds to pay off the City for purchasing the land. <br /> <br />Councilmember Kurak stated that she wanted to make it clear that nothing was coming from the <br />general fund for this project. <br /> <br />City Administrator Norman replied that that was correct, noting that it was a TI F project. <br /> <br />Councilmember Elvig inquired as to when the TIF District will decertify. <br /> <br />City Administrator Norman replied 2012. <br /> <br />P68 <br /> <br />City Council/July 8, 2003 <br />Page 8 of 30 <br /> <br /> <br />