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CASE # <br /> <br /> PUBLIC HEARING TO CONSIDER EXECUTION OF A <br />BUSINESS SUBSIDY AGREEMENT WITH BASALT PROPERTIES, LLC. <br />By: James E. Norman, City Administrator and <br /> Sean Sullivan, TIF Specialist <br /> <br />Background: <br /> <br />Recently a development agreement with l,enny Kalway, of BASALT PROPERTIES, LLC., has <br />been negotiated with City staff. The project includes the construction of a 16,800 square foot <br />office/warehouse building in the Fall of 2003. The building will be located east of the T & G, <br />Land project irt Gateway North Industrial Park. It is anticipated that the project will create at <br />least 4 new jobs paying a wage of at least $15.00 per hour in a two-year period. <br /> <br />The County Assessor has established an assessed taxable market value of approximately <br />$1,068,400 for the project. It is anticipated that the project will generate $37,680 dollars <br />annually in taxes and approximately $20,618 annually in tax capacity. The tax increment <br />generated per year will be approximate~ly. ~;18,~370, P,e~ ypar toward the TIF District, which would <br />be used to assist the City with its paympn.t for:public ~i~p2ovements. <br /> <br />The development agreement for this project is in excess of a 40LPage document. The City has <br />utilized the consistent and standard format except for the dollar amounts specific to the project. <br />Any changes in the land use are passed through to the City Attorney for his review. Given the <br />above, staff has attached the pertinent pages of the agreement for Council review. As Council is <br />aware, the other sections deal with ind!:m.n, ity, cpnstruction documents, prohibitions against <br />assignments, and transfer to the agreem.entS...t0 pay:deficiencies. The entire agreement is <br />available at City Council request. ~ . <br /> <br />Council Action: ~- . <br /> <br />Motion to authorize business subsidy agreement with Basalt Properties, LLC.. <br /> <br />- and ~ .~ <br /> <br />Motion to authorize execution of'a de~el, opM~"a~reement ~ith Basalt Properties, LLC., <br />contingent upon review by the City AttOrneY~ ..... <br /> <br />Reviewed by: <br />City Administrator <br />TIF Specialist <br /> <br />CC:09/23/03 <br /> <br />· : Copies also distributed to: <br /> ..... City Attorney <br /> <br />3 <br /> <br /> <br />