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Presentation <br /> <br />Tax Increment Financing Specialist Sullivan advised that recently a development agreement with <br />Lenny Kalway of Basalt Properties, LLC, has been negotiated with City staff. The project <br />includes the construction of a 16,800 square foot office/warehouse building in the Fall of 2003. <br />The building will be located east of the T & G Land project in Gateway North Industrial Park. It <br />is anticipated that the project will create at least four new jobs paying a wage of at least $15.00 <br />per hour in a two-year period. The County Assessor has established an assessed taxable market <br />value of approximately $1,068,400 for the project. It is anticipated that the project will generate <br />$37,680 dollars annually in taxes and approximately $20,618 annually in tax capacity. The tax <br />increment generated per year will be approximately $18,300 per year toward the TIF District <br />which would be used to assist the City with its payment for public improvements. The City has <br />utilized this 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. Staff <br />recommends the City Council authorize the business subsidy agreement with Basalt Properties, <br />LLC. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Cook, seconded by Councilmember Strommen, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Cook, Strommen, Elvig, <br />Kurak, Pearson, and Zimmerman. Voting No: None. <br /> <br />The public hearing closed at 7:26 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:26 p.m. <br /> <br />Motion by Councilmember Kurak, seconded by Councilmember Pearson, to authorize the <br />business subsidy agreement with Basalt Properties, LLC, and execution of a development <br />agreement with Basalt Properties, LLC, contingent upon review by the City Attorney. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Kurak, Pearson, Cook, Elvig, <br />Strommen, and Zimmerman. Voting No: None. <br /> <br />City Council/September 23, 2003 <br /> Page 9 of 41 <br /> <br /> <br />