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Motion carried. Voting Yes: Mayor Gamee, Couneilmembers Kurak, Elvig, Cook, Pein'son, <br />Strommen, and Zimmerman. Voting No: None. <br /> <br />Case #3: Public Hearing to Consider Execution of a Business Subsidy Agreement with <br /> Basalt Properties, LLC. <br />Mayor Gamec closed the regular portion of the City Council meeting at 7:23 p.m. in order to <br />conduct a public hearing. <br /> <br />Public Hearing <br /> <br />Mayor Gamcc called the public hearing to order at 7:23 p.m. <br /> <br />Presentation <br /> <br />City Administrator Norman explained recently a development agreement with Basalt Properties, <br />LLC, a Minnesota Linfited Liability Company has been negotiated with City staff. The project <br />includes the construction of approximately 40,000 square foot office/warehouse multi-tenant <br />building in the summer of 2004. The multi-tenant building will be similar to the one constructed <br />by Ton] Sauter in Gateway North Industrial Park No. 5. This project satisfies the requirements of <br />the development agreement to T & G Land dated March 12, 2001, in which 3,800,000 in total <br />market value had to be created prior to December 31, 2005. The building will be located west of <br />the T & G Land, Inc. building on 141~t Avenue NW in Gateway North Industrial Park No. 5. It is <br />anticipated that the project will create at least four new jobs paying a wage of at least $13 per <br />hour in a two-year period. The project is expected to achieve a taxable market value of <br />approximately $1,687,800. It is anticipated that the project will generate $57,779 dollars <br />ammally ill taxes and approximately $33,006 annually in tax capacity. The tax increment <br />generated will be approximately $28,793 per year toward the TIF District, which would be used <br />to assist the City with its payment for public improvements and land acquisition costs. <br /> <br />Citizen Input <br /> <br />rFhere was Ilolle. <br /> <br />Motion by Councilmember Cook, seconded by Councilmember Elvig, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Cook, Elvig, Kurak, Pearson, <br />Strolnmen, and Zimmerman. Voting No: None. <br /> <br />Tile public hearing closed at 7:25 p.m. <br /> <br />Couucil Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:25 p.m. <br /> <br />City Council/June 22, 2004 <br /> Page 8 of 32 <br /> <br /> <br />