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Ii <br /> <br />portions: 11.23 acres that will see the immediate construction of an approximately 40,000 s~fiare <br />foot building that will be occupied by both Sauter and Kobus Trucking. This proje~ ~idii:-~. <br />create $31,650 in tax increment annually, starting in year 2003. The project also~:~ii~for:, an'":~ <br />option that could be exercised by Mr. Sauter for an additional 6.78 acres, which/aOUld possibly <br />see the construction of an additional 60,000 square foot building. The TIF age~O~t '~i1~18 allows <br />Mr. Sau!,e_r to receive $100,000 in site improvements for the Maken pr~i;t~. The~ ~ty <br />Assessor s office estimates the property value around the proposed prop~3~:~ill be <br />which will generate approximately $52,300 annually in tax increment tow~;d'~the TIF Distri:c~!~i ~¥ <br />which will be used to assist the City with its payment in bondingf6~i~a acq~i~i~i'on and <br />improvements. The City has utilized a consistent and standar~:.ifcm~f:bxcept for the dollar <br /> <br /> amount specific to this project and for the acquisition of land:for the Maidens property west of <br /> Sunfish Lake Boulevard. Because the property in the Gat4~-~ North Industrial Park is part of a <br /> new Tax Increment Financing District (District No,.~ 8);;a.business SubSidy public hearing is <br /> required by State Statue. Council is required to take C~-~ents from-:th~-'iff0or concerning the <br /> proposed TIF incentives being offered in the Ga{eway N6rth lndu~triai:'Park. Council's <br /> authorization of the business subsidy agreement will complet~tt/~ fuii development agreement <br /> with Mr. Sauter. <br /> <br /> Citizen Input . ? ? ' "'.~ ..~. <br /> There was none. _. ~.. <br /> <br /> Motion to by Councilmember Zimmermah~ second~d~by C;~ciimember Kurak, to close the <br /> public hearing. ' <br /> _ -_. . ~:, :.,.~ <br /> <br /> Motion carriedz Voting Yes: Mayor Gam~e, Councilmembers Zimmerman, Kurak, Anderson, <br /> and Hendriksen. Voting No: None. <br /> <br /> The public heating closed at 8:19 p.m. <br /> <br />c'Mayor Gamec called-the regular City Council meeting back to order at 8:19 <br /> p.m. <br /> <br /> Motion bY Mayor Gam~cT"~ecc~-~ded by Councilmember Anderson, to authorize a business <br /> subsidy agreement with T & G Land, Inc. <br /> <br /> Motion carrie& 'Voting Yes: Mayor Gamec, Councilmembers Anderson, Hendriksen, Kurak, <br /> and Zimmerman.:. Voting No: None. <br /> <br /> Case. #2: - -~ Public Hearing to Consider Execution of Business Subsidy Agreement with <br /> "'~:/. ":---~ Oldeastle Preeast, Inc. (Amcon) <br /> <br />-58- <br /> <br />City Council/January 9, 2001 <br /> Page 12 of 34 <br /> <br /> <br />