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-58- <br /> <br />Motion carded. Voting Yes: Mayor <br />Anderson, and Kurak. Voting,No: None. <br /> <br />The public hearing closed at 7:23 p.m. <br />Council Business <br /> <br />Gamec, Councilmembers Hendriksen, <br /> <br />Zimmerman, <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:23 p.m. <br /> <br />Councilmember Hendriksen stated that he wanted to know what the City gave Systematic <br />Refrigeration, what encumbrances are on the property, and what is the penalty if they fail to meet <br />the job requirements they orig~a!ly agreed to. <br /> <br />City Attorney Goodri~la.,~ePlied th~'.SYstematic Refrigeration received $892,000 in benefits from <br />the City in the form of'property and:site improvements, that will come back to the City over the <br />TIF Districts 11 y~kr ~term, as,,~i~hg .~ property taxes are paid. He also noted that the <br />development agreement"has ~.~iS~ss~/~ii~iagreement attached to it stating that the value will not <br />be lower than a set amount'~d in.:tfi~:~ven¢~fhere is a deficiency the developer is required to pay <br />that amount back. '~ ~;~< ~;'~; <br /> <br />Councilmember Hendriksen inquire4:!~the sec°nd~mp,rtgage, the City has on the property, is in <br />addition to the $892,000. ~:.,:~ .... <br /> <br />City Attorney Goodrich replied that the secon~:~b~gage i~£or the money the City received as a <br />grant to loan to Mateski Properties. <br /> <br />Councilmember Hendriksen inquired if both agreements;are.~ .... co~'~iBgent upon the creation of a <br />certain number of jobs. '~¢i?i;.:~~ <br />Economic Development Consultant Mulrooney replied that the !~¢kl~hent agreement stated <br />that there would be 50 new jobs created in addition to the 3~jpI~S' that already existed. <br /> <br />Councilmember Hendriksen inquired if the development agreement included the requirement that <br />if the developer falls short on the job requirement then a portion oft he benefit has to be repaid. <br /> <br />City Attorney Goodrich replied yes. <br /> <br />Economic Development Consultant Mulrooney noted that the total assistance that Mateski <br />Properties received from the City was $892,000, which includes the $300,000 grant from the <br />State. <br /> <br />Councilmember Hendriksen inquired if the developer is required to pay back a portion of the <br />$592,000 if they don't meet the job requirements. <br /> <br />City Council/January 8, 2002 <br /> Page 8 of 27 <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br /> <br />I <br />I <br />I <br />! <br />I <br />I <br />i <br />I <br />! <br />I <br /> <br /> <br />