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The developer is requesting a level of assistance consistent with past practices <br />of the city. The city has been requested to provide the site for this project. The <br />value of the site in today's market is approximately $212,782. <br /> <br />If approved by the Council, the property will be conveyed to the developer by <br />means of a development~business subsidy agreemenf. Basic terms of the <br />agreement that have been negotiated with the developer require the developer to <br />construct the project of 31,600 SF and meet certain minimum wage and job <br />goals. The construction cost is estimated to be $1,300,000. The developer has <br />agreed to create at least 9 new jobs at an hourly wage rate of at least $10.00 per <br />hour within 2 years of receiving the assistance. In addition to constructing the <br />project, the proposed agreement requires that if the wage and job goals are not <br />met, the assistance must be repaid to the city. <br /> <br />Approval of the agreement requires a public hearing. On Tuesday night the <br />Council should call for the public hearing at which time the development <br />agreement should be considered. <br /> <br />Corporate Address: 8960 Springbrook Drive Phone; <br /> Suite 230 Fax <br /> Mpls. MN 55433 <br /> <br />(612) 780-7900 <br />(612) 786-6606 <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 />