Agenda - Council - 11/26/2002 - Laserfiche WebLink

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-38- Motion carried. Voting Yes: Mayor Gamec, Councilmembers Zimmennan, Anderson, and Hendriksen. Voting No: None. Abstained: CouncihnemberKurak. Case #1: Public Hearing to Consider Execution of Business Subsidy Agreement with Panther Investments Mayor Gamec closed the regular portion of the City Council meeting at 8:50 p.m. in order to conduct a public hearing. Public Hearing Mayor Gamec called the public hearing to order at 8:50 p.m. Presentation Economic Development Consultant Mulrooney stated that recently a development agreement with Panther Investments was negotiated with City staff. The project includes the construction of a 30,000 square foot office/warehouse building in the spring of 2003. The building will be located south of the newly constructed Sunwood Drive within Sunfish Lake Business Park. It is anticipated that the project will create at least seven new jobs paying a wage of at least $12.00 per hour in a two-year period. They currently have 14 employees being paid wages from $19.00 to $23.00 per hour. The County Assessor has established an assessed taxable market value of approximately $1,600,000 for the project. It is anticipated that the project will generate $58,000 annually in taxes and approximately $31,250. annually in tax capacity. The tax increment generated will be approximately $20,400 per year toward the TIF District, which would be used to assist the City with its payment for public improvements. The total subsidy for the project will be $163,000. Councilmember Hendriksen inquired as to when the TIF District will expire. TIF Specialist Sullivan replied that the TIF District expires in 2011. Councilmember Hendriksen inquired if the City will be capturing an additional $20,000 in increment. Economic Development Consultant Mulrooney replied that the potential is there if everything goes as planned. Citizen Input There was none. City Council/October 22, 2002 Page 16 of 37