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Motion by Councilmember Cook, seconded by Councihnember Kurak, to close .the public <br />heanng. ~ -~' :. ':....:. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Cook, K. urak,..Elvig, Pearson, <br />Strommen, and Zimmerman. Voting No: None. .~:.."?~;~:' ..... <br /> <br />Mayor Gamec called the regular City Council meeting back'to order at 7:24 p.m. <br /> :'- ?..:- <br />Councilmember Kurak questioned if this vacation 'will not be b~fling if the development does <br /> <br />Assistant Community Development Director Tmdgeon responded in ~e affi~ative. <br /> <br />Public Works Director Kapler advised this has been discussed'~ith the eng-Neefing staff and it <br />has been dete~ined it would be appropriate that ~e vacation~e contingent on the new <br />development. ' . ..... 7') <br /> <br />Motion by Councilmember Cook, seconded by C'oUncilmember E]vig, to introduce, an ordinance <br />to vacate certain drainage and utility easements in ~igh Point 2a~ Addition subdivision. <br /> <br />Motion ca, ed. Voting Yes: Mayor G~ec, Councilm'embers Cook, Elvig, Kurak, Pearson, <br />Strommen, and Zimme~an. Voting N0': None. <br /> <br />Case g2: Public Hearing to Consider Execution of a Business Subsidy Agreement with <br /> Rota~ Systems, Inc ..... <br /> <br />Mayor Gmec closed the regul~ pomon of the Ci~ Council meeting at 7:26 p.m. in order to <br />conduct a public heating. <br /> <br />Public Hearing <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 a~eement 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 building wil] 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 u/ill 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 /> <br />City Council/May 25, 2004 <br /> Page 6 of 26 <br /> <br />-307- <br /> <br /> <br />