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8) Adopt Resolution #04-12-363 Approving i~' Partial Payment to Redstone Construction <br /> for I.P. #04-30 Rhineston~ Street Bridge <br />9) Adopt Resolution #04-12-364 Approving 7th Partial Payment to Glen Rehbein <br /> Companies for Improvement Project #03-29 (Sunwood Drive NW and.Rhinestone <br /> Street NW) <br /> 10) Adopt Resolution #04-12-365 Approving Final Payment NO 2 to Bauerly Bros. Inc for <br /> 2004 Pavement Maintenance Program - Division B <br /> 11) Adopt ResolutiOn #04-12-366 Approving 2nd Partial Payment to Bauerly Companies for <br /> Improvement Project #04-20 (Elmcrest Park Improvements). <br />i 2)Adopt Resolution #04-12-367 to not Waive Statutory Tort Limits for LMCIT Liability <br /> Coverage <br /> <br />Motion carried. Voting Yes: Mayor Pro Tern Zimmerman, Councilmembers Kurak, Pearson, <br />Cook, and Elvig. Voting No: Mayor Gamec and Councilmember Strommen. <br /> <br />COUNCIL BUSINESS <br /> <br />Case #1: <br /> <br />Public Hearing to Consider Execution of a Business Subsidy Agreement <br />with Zero Zone Refrigeration, LLC <br /> <br />Presentation <br /> <br />Consultant Mulrooney stated he would like to echo the remarks of City Attorney Goodrich and <br />applaud the work of Councilmembers Zimmerman and Kurak, and wish them the best in the <br />years ahead. <br /> <br />Consultant Mulrooney indicated recently a development agreement with Zero Zone <br />Refrigeration, LLC has been negotiated with staff. The project includes the construction of an <br />expansion of up to 100,000 square foot office/manufacturing building to be completed by <br />December 31, 2008. The building wilI be located in Business Park 95 Second Addition. It is <br />anticipated that the project will create at least 14 new jobs paying a wage of at least $14.00 per <br />hour in a two-year period. The County Assessor will establish an assessed taxable market <br />value when the project is .completed. It is anticipated that the project will generate $82,600 <br />annually in taxes and approximately $47,250 annually in tax'capacity based on a '60,000 square <br />foot project size. The tax increment generated will be approximately $38,600 per year toward <br />the TIF District, which would be used to assist the City with its payment for public <br />improvements and land acquisition costs. He explained the TIF Agreement i§ a pay-as-you-go <br />deal, which means that the Developer will only be reimbursed costs based on the increment the <br />expansion produces. <br /> <br />Mayor Pro Tern Zimme~Tnan closed the regular portion of the City Council meeting at 7:22 <br />p.m. in order to conduct a public hearing. <br /> <br />P28 <br /> <br />City Council/December 14, 2004 <br /> Page 6 of 33 <br /> <br /> <br />