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Presentation <br /> <br />l~;conomic Consultant Mulrooney advised recently a development agreement with Professional <br />Properties, LI,C has been negotiated with City staff. The project includes the construction of <br />12,528 square foot office building to be completed by December 31, 2005. The building will be <br />located at the intersection of Bunker Lake Boulevard and Azurite St NW. It is anticipated that <br />thc pro. jeer will create at least four new jobs paying a wage of at least $14 per hour in a two-year <br />period. The County Assessor has established an assessed taxable market value of $1,500,000. It <br />J s anticipated that the project will generate $51,185 dollars annually in taxes and approximately <br />$29,250 annually in tax capacity based on a 12,528 square foot project size. The tax increment <br />generated will be approximately $24,000 per year toward the TIF District, which would be used <br />~o assist the City with its payment for public improvements and land acquisition costs. <br /> <br />Mr. Bcrtolas, owner of Professional Properties, LLC, stated the City has been great in helping <br />them. 'l'hc company has been located in Andover and was looking to relocate. Sean Sullivan has <br />really worked with them and made them feel welcome. They look forward to working with the <br />community. <br /> <br />Citizen inp~Jt <br /> <br />was rloBe. <br /> <br />Motion by Councilmember Pearson, seconded by Councilmember Olson, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Pearson, Olson, Cook, Elvig, and <br />Strommcn. Voting No: None. Absent: Councilmember Jeffrey. <br /> <br />Thc public hearing was closed at 7:24 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called thc regular City Council meeting back to order at 7:24 p.m. <br /> <br />Mellon by Councilmember Pearson, seconded by Councilmember Strommen, to authorize a <br />business subsidy agreement with Professional Properties, LLC and to authorize execution of a <br />development agreement with Professional Properties, LLC, contingent upon review by the City <br />Attorney. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Pearson, Strommen, Cook, Elvig, <br />and Olson. Voting No: None. Absent: Councilmember Jeffrey. <br /> <br />City Council/March 8, 2005 <br /> Page 8 of 18 <br /> <br /> <br />