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Presentation <br /> <br />City Administrator Norman reported that recently a development agreement with Huntington <br />Family Properties, LLC has been negotiated with City staff. The project includes the <br />construction of a 15,000 square foot office/warehouse building in the summer of 2004. The <br />building will be located in West Radium Business Center First Addition south of the H & P <br />properties building. It is anticipated that the project will create at least four new jobs paying a <br />wage of at least $15 per hour in a two-year period. The County Assessor has established an <br />assessed taxable market value of approximately $854,300 for the project. It is anticipated that <br />the project will generate $28,600 dollars annually in taxes and approximately $16,336 annually <br />in tax capacity. The tax increment generated will be approximately $13,300 per year toward the <br />TIF District, which would be used to assist the City with its payment for public improvements. <br /> <br />Citizen Input <br /> <br />Dan Huntington of Huntington Family Properties, LLC, stated he will be leasing the building to <br />a plumbing wholesaler. <br /> <br />Motion bY Councilmember Kurak, seconded by Councilmember Strommen, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Kurak, Strommen, Cook, Elvig, <br />Pearson, and Zimmerman. Voting No: None. <br /> <br />The public hearing was closed at 7:22 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:22 p.m. <br /> <br />Councilmember Kurak questioned if it is normal to utilize TIF financing on a building that i's <br />owned and leased out. <br /> <br />City Administrator Norman responded in the affirmative. <br /> <br />Motion by Councihnember Kurak, seconded by Councilmember Elvig, to authorize the business <br />subsidy agreement with Huntington Family Properties, LLC, and to authorize execution of a <br />development agreement with Huntington Family Properties, LLC., contingent upon review by <br />the City Attorney. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Kurak, Elvig, Cook, Pearson, <br />Strommen, and Zimmennan. 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 />City Council/June 22, 2004 <br /> Page 7 of 31 <br /> <br />P75 <br /> <br /> <br />