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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 agreement. Basic terms of the <br />agreement that have been negotiated with the developer require the developer to <br />construct a proiect of 31,600 SF. The minimum market value for the project will <br />be $1,400,000. In addition to the minimum market value the developer must meet <br />certain minimum wage and job goals. The developer has agreed to create at <br />least 9 new jobs at an hourly wage rate of at least $10.00 per hour within 2 years <br />of receiving the assistance. In addition to constructing the project, the proposed <br />agreement requires that if the wage and job goals are not met, the assistance <br />must be repaid to the city. <br /> <br />On Tuesday night the Council will be holding a public hearing for the purpose of <br />taking comments from the public regarding the development agreement. <br />Following the public hearing the council should make a decision regar' 'lng the <br />approval of the development agreement. I will be available at the public hearing <br />to answer any questions that the council or the general public has regarding the <br />project. If you have any immediate questions you can reach me at 780-7900. <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 /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />I <br /> <br />I <br />I <br />I <br />I <br /> <br /> <br />