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8) Adopt Resolution #04-06-153 Approving ISt Partial Payment to Glen Rehbein Companies <br /> for Improvement Project #03-29 (Sunwood Drive NW and Rhinestone Street NW) <br />9) Adopt Resolution #04-06-154' Approving 3rd Partial Payment to W.B. Miller, Inc. for <br /> Improvement Project #03-27 (141~' Ave. NW, Azurite St. NW and Basalt Ave. NW) <br /> 10) Adopt Resolution #04-06-155 Authorizing the Police Department to Purchase (1) Laser <br /> Unit; (1) Doppler Radar; (1) LED Light Bar; (1) M-16 Rifle; and (5) Block' Handguns; <br /> and (1) Vacuum Cleaner <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Kurak, Zimmerman, Cook, Elvig, <br />Pearson, and Strommen. Voting No: None. <br /> <br />COUNCIL BUSINESS <br /> <br />Case #1: Public Hearing to Consider Execution of a Business Subsidy Agreement with <br /> HSHT, LLC (dba Rotary Systems, Inc.) <br />Mayor Gamec closed the regular portion of the City Council meeting at 7:15 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 7:15 p.m. <br /> <br />Presentation <br /> <br />City Administrator Norman reported recently a development a~eement with Jerry Szykulski, of <br />HSHT, LLC (dba Rotary Systems, Inc.), has been negotiated with City staff. The project <br />includes the construction of a 30,000 square foot office/warehouse building in the summer of <br />2004. It is anticipated that in the first stage, 15,000 square feet will be used by Rotary Systems <br />and 15,000 square feet will be leased out to another party. The building will be located west of <br />Waltec in Sunfish Lake Business Park Second Addition. It is anticipated that the project will <br />create at least six new jobs paying a wage of at least $15 per hour in a two-year period. The <br />County Assessor has established an assessed taxable market value of approximately $1,552,800 <br />for the project. It is anticipated that the project will generate $50,600 dollars annually in taxes <br />and approximately $30,306 annually in tax capacity. The tax increment generated will be <br />approximately $16,700 per year toward the TIF District, which would be used to assist the City <br />with its payment for public improvernents and land acquisition costs. <br /> <br />City Council/June 22, 2004 <br /> Page 5 of 31 <br /> <br />P73 <br /> <br /> <br />