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-'156- <br /> <br />adopted there is a 30-day waiting period before it becomes effective to allow citizens the <br />opportunity to petition against the decision and overturn the decision made by the Council. <br />Coum .imember .mderson stated that she was not comfortable with moving forward with the <br />moratorium at this time because she would like to do it slower, but there will be three new <br />members on the Council that will need some education on the process and for that reason she <br />will vote in favor of the motion. <br /> <br />Motion cra'tied. Voting Yes: Mayor Gamec, Councilmembers Zimmerman, AnderSon, and <br />Hendriksen. Voting No: None. Abstained: Councilmember Kurak. <br /> <br />Case #1: <br /> <br />Public Hearing to Consider Execution of Business Subsidy Agreement with <br />Panther Investments <br /> <br />Mayor Gamec closed the regular portion of the City Council meeting at 8:50 p.m. in order to <br />conduct a Public hearing. <br /> <br />Public Hearing <br /> <br />Mayor Gamec called the public hearing to order at 8:50 p.m. <br /> <br />Presentation <br /> <br />Ec..:nomic Development Consultant Mulrooney stated that recently a development agreement <br />with Panther Investments was negotiated w/th City staff. The project includes the construction <br />of a 30,000 square foot office/warehouse building in the spring of 2003. The building will be <br />located south of the newly constructed Sunwood Drive within Sunfish Lake Business Park. It is <br />anticipated that the project will create at least seven new jobs paying a wage of at least $12.00 <br />per hour in a two-year period. They currently have 14 employees being paid wages from $19.00 <br />to $23.00 per hour. The County Assessor has established an assessed taxable market value of <br />approximately $1,600,000 for the project. It' is anticipated that the project will generate $58,000 <br />annually in taxes and approximately $31,250 annually in tax 'capacity. The tax increment <br />generated per year will be approximately $20,400 per year toward the TIF District, which would <br />be used to assist the City with its payment for public improvements. The total subsidy for the <br />project will be $163,000. <br /> <br />Councilmember Hendriksen inquired as to when the TIF District will expire. <br /> <br />T!F Specialist Sullivan replied that the TIF District expires in 2011. <br /> <br />Councilmember Hendriksen inquired if the City will be capturing an additional $20,000 in <br />increment; <br /> <br />City Council/October 22, 2002 <br /> Page 16 of 38 <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br /> I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />i <br />I <br />I <br />I <br />I <br /> <br /> <br />