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Motion carried. Voting Yes: Mayor Gamec, Councilmembers Zimmerman, Kurak, Ande}~6~ <br />and Hendriksen. Voting No: None. <br /> <br />Case #1: Public Hearing to Consider Execution of Business Subsidy:'x~eeme~7~th <br /> Sharp and Associates, LLC <br /> <br /> Gamec closed the regular portion of the City Council me~tihg;ig[:~7:OS'~:m, in order <br />Mayor <br />conduct a public hearing. <br /> <br />F~ <br /> <br /> Mayor Gamec called the public hearing to order at 7':08' ~=~.- .:~.~::~!'::::":~')i?.~':' <br /> <br /> Presentation <br /> <br /> City Administrator Norman explainedthat the proposed developmer~i':'iigreeme~t':.~ith Sharp and <br /> Associates, LLC has been recentls('.:h6g6tiated with City staff. The"isroj~ct includes the <br /> construction of a 60,138 square Go{ 'inulti-tenaiit office/warehouse/sh0~oom building in the <br /> spring of 2001. The building will be'tocated'"i~t.-the:~intersection of'SUnfish Boulevard and <br /> McKinley Street. It is anticipated that theproject will.:crgate' ~ite~: 17 new jobs paying a wage <br /> of at least $10.00 per hour in a two-year i~eriod. The'COUnty 4 s{ s6r has established an orig/nal <br /> tax capacity for the parcel of approximaie!y$!2,697. It is anticipated that the project will be <br /> valued at approximately $3 million dollars and.-Mll generate a~proximately $100,500 annually in <br /> tax capacity, and approximately $87,000 in tax increment per year toward the TIF District, which <br /> would be used' t6 assist the.' City with its pa~ment-Sn;bonding for land acquisition and public <br /> improvemen_tsl The development agreement f6r:~'.project is in excess of a 50-page document. <br /> The citYlha:s .utilized the consistent and standar'41'f6rmat except for the dollar amounts specific to <br /> the p~ojectX'"-Any changes'/n the land USe arepiissed through to the City Attorney for his review. <br /> He noted that 'S~ff had.pr°9'ided-the p~nent pages of the agreement for Council review. The <br /> other sections deaI~ With indemnity, construction documents, prohibitions' against assignments, <br /> ~d-:transfer to the ~greement to pay deficiencies. He stated the entire agreement is available at <br /> CityC0Uricil request. Staffrec0mmends the Council authorize the business subsidy agreement <br /> with Sharp:,.~ d Associates~i L~C:' <br /> <br /> Citizen Input'. ¢::~ <br /> <br /> There was none! ....... <br /> <br />~Motion by~ Councilmember Anderson, seconded by Councilmember Hendriksen, to close the <br />public heariiig. <br /> <br /> Motion carried. Voting Yes: Mayor Gamec, Councilmembers Anderson, Hendriksen, Kurak, <br /> <br />-86- <br /> <br />City Council/March 13, 2001 <br /> Page 4 of 31 <br /> <br /> I <br /> I <br /> ! <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 />I <br />i <br /> <br /> <br />