Agenda - Planning Commission - 08/05/2004

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Mayor Gamec called the public hearing to order at 7:42 p.m. Presentation City Administrator Norman indicated recently a development agreement with T & D Holdings, LLC had been negotiated with City staff. The project includes the construction of a 10,912 square foot office/warehouse/manufacturing building in the Summer of 2004. The building will be located at the intersection of Azurite Street Northwest and 141s' Avenue located in Gateway North Industrial Park Plat 2. It is anticipated that the project will create at least five new jobs paying a wage of at least $12 per hour in a two-year period. The County assessor has established an assessed taxable market value of approximately $686,000 for the project. It is anticipated that the project will generate $22,700 annually in taxes and approximately $12,970 annually in tax capacity. The tax increment generated per-year will be approximately $10,500 per year toward the TIF District, which would be used to assist the City with its payment for public improvements and land acquisition costs. Councilmember Kurak asked what type of company T & D Holdings is. Associate Planner Wald replied they are a plumbing contractor. Councilmember Kurak requested information in the future on what the companies being presented do. Citizen Input There was none. Motion by Councilmember Pearson, seconded by Councilmember Cook, to close the public heating. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Pearson, C6ok, Elvig, Kurak, Strommen, and Zimmerman. Voting No: None. The public hearing was closed at 7:45 p.m. Council Business Mayor Gamec called the regular City Council meeting back to order at 7:45 p.m. Council Business · Motion by Councilmember Strommen, seconded by Councilmember Pearson, to authorize business subsidy agreement with T & D Holdings, LLC, and to author/ze execution of a development agreement with T & D Holdings, LLC, contingent upon review by the City Attorney. P56 City Council/June 8, 2004 Page 10 of 22