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CASE <br /> <br />PUltLIC H EARING TO CONSIDER EXECUTION OF A BUSINESS SUBSIDY <br /> AGREEMENT WITH MARTIN LAND MANAGEMENT, LLC <br /> <br />By: Mike Mulrooney, Development Consultant and <br />Scan Sullivan, Economic Development / TIF Specialist <br /> <br />Background: <br /> <br />Recently a development agreement with Martin Land Management, LLC has been negotiated by <br />City stal~l'. Thc project includes the construction of a 10,000 square foot office/warehouse <br />building to be cmnpleted by December 31, 2005. The building will be located at 14040 Azurite <br />St NW. It is anticipated that the project will create at least 4 new jobs paying a wage of at least <br />$14.00 per hour in a two-year period. <br /> <br />'l'h~z County Assessor has established an assessed taxable market value of $647,000. It is <br />anlicipated that the project will generate $21,000 dollars annually in taxes and approximately <br />$12,000 annually in tax capacity based on a 10,000 square foot project size. The tax increment <br />generated per year will be approximately $6,700 per year toward the TIF District, which would <br />be ~scd lo assist the City with its payment for public improvements and land acquisition costs. <br /> <br />Thc development agreement for this project is in excess of a 40-page document. The City has <br />utilized thc consistent and standard format except for the dollar amounts specific to the project. <br />Any changes in the land use are passed through to the City Attorney for his review. Given the <br />~tbovc, sm/'~' has attached the pertinent pages of the agreement for Council review. As Council is <br />aware, thc other sections deal with indemnity, construction documents, prohibitions against <br />assignments, and transfer to the agreements to pay deficiencies. The entire agreement is <br />available at City Council request. <br /> <br />Cou n cji Action: <br /> <br />Motion to authorize business subsidy agreement with Martin Land Management, LLC <br /> <br />- and- <br /> <br />Motion to authorize execution of a development agreement with Martin Land Management, <br />I,I Al, contingent upon review by the City Attorney. <br /> <br />Reviewed by: <br />C i ty Administrator <br />Community I)cvelopmcnt Director <br /> <br />Copies also distributed to: <br />City Attorney <br /> <br />CC:04.26.05 <br /> <br /> <br />