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Public ll~a['ing <br /> <br />Mayor Gamec called the public hearing to order at 7:26 p.m. <br /> <br />Presentation <br /> <br />Consultant Mulrooney reviewed that recently a development agreement with Jerry Szykulski, of <br />Rotary Systems, Inc., has been negotiated with City staff. The project includes the construction <br />of a 30,000 square foot office/warehouse building in the summer of 2004. The buildirig will be <br />located west of Waltec in Sunfish Lake Business Park Second Addition. The County Assessor <br />has established an assessed taxable market value of approximately $1,440,000 for the project. It <br />is anticipated that the project will generate $46,900 dollars annually in taxes and approximately <br />$28,050 annually in tax capacity. The tax increment generated per year will be approximately <br />$16,200 per year toward the TIF District, which would be used to assist the City with its payment <br />for public improvements and land acquisition costs. The requested amount for assistance is <br />$115,000, which would assist in underwriting a portion of the project cost. Staff is <br />recommending approval of the business subsidy agreement and the authorization to enter into <br />and cxccute the agreement with Rotary Systems. <br /> <br />Citizen Input <br /> <br />Thcl'¢ was ilOD~. <br /> <br />Motion by Councihnember Pearson, seconded by Councilmember Strommen, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Pearson, Strommen, Cook, <br />Kurak, Elvig, and Zimmerman. Voting No: None. <br /> <br />The public hearing closed at 7:28 p.m. <br /> <br />Couucil Bnsiness <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:28 p.m. <br /> <br />Councihnember Kurak asked when this TIF district will mature. <br /> <br />Consultant Muh'ooney replied the TIF district will mature in the year 2012. <br /> <br />Councilmember Elvig inquired of the approximate number of jobs that will be generated with <br />this business. <br /> <br />Consultant Mulrooney replied the company plans on adding six new jobs. They currently have <br />nine to ten new employees and will be in the range of about 15 employees to start. The company <br />is on a very rapid growth timetable, sales have been extremely good for this business. The <br /> <br />City Council/May 25, 2004 <br /> Page 7 of 27 <br /> <br /> <br />