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Case #4: <br /> <br />Public Hearing to Consider Execution of a Business Subsidy Agreement with <br />Paddock Investments, LLC <br /> <br />Mayor Gamec closed the regular portion of the City Council meeting at 7:27 p.m. in order to <br />conduct a public hearing. <br /> <br />Public Hearing <br /> <br />Mayor Gamec called the public hearing to order at 7:27 p.m. <br /> <br />Presentation <br /> <br />Tax Increment Financing Specialist Sulllivan advised that recently a development agreement <br />with Bob Paddock:of Paddock Investments LLC has been negotiated with City staff. The project <br />includes the construction of a 10,976 square foot office/warehouse building in the Fall of 2003. <br />The building will be located west of Waltec in Sunfish Lake Business Park Second Addition. It <br />is anticipated that the project will create at least three new jobs paying a wage of at least $14.00 <br />per hour in a two-year period. The County Assessor has established an assessed taxable market <br />value of approximately $662,700 for the project. It is anticipated that the project will generate <br />$21,600 annually in taxes and approximately $12,490 annually in tax capacity. The tax <br />increment generated per year will be approximately $7,200 per year toward the TIF District, <br />which would be used to assist the City with its payment for public improvements and land <br />acquisition costs. Staff recommends the City Council authorize business subsidy agreement with <br />Paddock Investments, LLC. <br /> <br />Citizen Input <br /> <br />There was nolle. <br /> <br />Motion by Councilmember Pearson, seconded by Councilmember Strommen, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Pearson, Strommen, Cook, <br />Elvig, Kurak, and Zimmerman. Voting No: None. <br /> <br />The public hearing closed at 7:28 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:28 p.m. <br /> <br />Motion by Councilmember Kurak, seconded by Councilmember Zimmerman, to authorize a <br />business subsidy agreement with Paddock Investments, LLC and execution of a development <br />agreement with Paddock Investments, LLC upon review by the City Attorney. <br /> <br />City Council/September 23, 2003 <br /> Page 10 of 41 <br /> <br /> <br />