Minutes - Council - 08/26/2003 - Laserfiche WebLink

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Citizen Input There was none. Motion by Councilmember Elvig, seconded by Councilmember Pearson, to close the public hearing. Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Elvig, Pearson, Cook, Kurak, Strommen, and Zimmerman. Voting No: None. The public hearing closed at 7:11 p.m. Council Action The regular meeting of the City Council was called back to order at 7:11 p.m. Motion by Councilmember Elvig, seconded by Councilmember Strommen, to approve the license application for Sunfish Express. Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Elvig, Strommen, Cook, Kurak, Pearson, and Zimmerman. Voting No: None. Case/12: Public Hearing to Consider Execution of a Business Subsidy Agreement with W Properties, LLC Mayor Gamec called the public hearing to order at 7:11 p.m. Presentation Economic Development Consultant Mulrooney stated that recently a development agreement with W Properties, LLC, a Minnesota Limited Liability Company has been negotiated with City staff. The project includes the construction of approximately 40,000 square foot office/warehouse building prior to December 31, 2005. The building will be located west of RJM/General Paper Products in Gateway North Industrial Park No. 5. It was anticipated that the project will create at least 12 new jobs paying a wage of at least $12.00 per hour in a two-year period. The project is expected to achieve a taxable market value of approximately $1,600,000. It was anticipated that the project will generate $54,200 annually in taxes and approximately $31,250 annually in tax capacity. The tax increment generated per year will be approximately $19,800 per year toward the TIF District, which would be used to assist the City with its payment for public improvements and land acquisition costs. Citizen Input There was none. City Council/August 26, 2003 Page 6 of 25