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Motion by Councilmember Pearson, s~econded by Councilmember Cook, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Pearson, Cook, Elvig, Kurak, <br />Strommen, and Zimmerman. Voting No: None. <br /> <br />The public hearing closed at 7:13 p.m. <br /> <br />Council Action <br /> <br />The regular meeting of the City Council was called back to order at 7:13 p.m. <br /> <br />Motion by Councilmember Zimmerman, seconded by Councilmember Kurak, to authorize a <br />business subsidyI agreement with W Properties, LLC; and to authorize the execution of a <br />development agreement with W Properties, LLC contingent upon review by the City Attorney. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Zimmerman, Kurak, Cook, <br />Elvig, Pearson, and Strommen. Voting No: None. <br /> <br />Case #3: <br /> <br />Public Hearing to Consider Execution of a Business ,Subsidy Agreement with <br />Rum River Dental Creation, LLC <br /> <br />Mayor Gamec called the public hearing to order at 7:14 p.m. <br /> <br />Presentation <br /> <br />Economic Development Consultant Mulrooney stated that recently a development agreement <br />with Rum River Dental Creations, LLC has been negotiated with City staff. The project includes <br />the construction of a 2,596 square foot office/warehouse building in the fall of 2003. The <br />building will be located south of Waltec in Sunfish Lake Business Park. It was anticipated that <br />the project will create at least four new jobs paying a wage of at least $14.00 per hour in a two- <br />year period. The County Assessor has established an assessed taxable market value of <br />approximately $439,000 for the project. It was anticipated that the project will generate $13,900 <br />annually in taxes and approximately $8,030 annually in tax capacity. The tax increment <br />generated per year will be approximately $4,400 per year toward the TIF District, which would <br />be used to assist the City with its payment for public improvements and land acquisition costs. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Elvig, to close the public <br />hearing. <br /> <br />City Council/August 26, 2003 <br /> Page 7 of 25 <br /> <br />P67 <br /> <br /> <br />