Minutes - Council - 04/26/2005 - Laserfiche WebLink

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l l c) Adopt Resolution #05-04-109 Authorizing Application to the Metropolitan Council for Tax Base Revitalization Account Funding Motion carried. Voting Yes: Mayor Gamec, Councilmembers Elvig, Olson, Cook, Jeffrey, Pearson,, and Strommen. Voting No: None. COUNCIL BUSINESS Case #1: Public Hearing to Consider Execution of a Business Subsidy Agreement with Martin Land Management, LLC Mayor Garnet closed the regular portion of the City Council meeting at 7:25 p.m. in order to conduct a public hearing. Public llearing Mayor (;amcc called the public hearing to order at 7:25 p.m. Presentation Econom ic Development Consultant Mulrooney indicated recently a development agreement with Martin l,and Management, LLC has been negotiated by City staff. The project includes the construction of a 10,000 square foot office/warehouse building to be completed by December 31, 200.5. q'he building will be located at 14040 Azurite Street NW. It is anticipated that the project will croat¢ at least four new jobs paying a wage of at least $14.00 per hour in a two-year period. The County Assessor has established an assessed taxable market value of $647,000. It is anticipated that the project will generate $21,000 annually in taxes and approximately $12,000 ammally in tax capacily based on a 10,000 square foot project size. The tax increment generated will be approximately $6,700 per year toward the TIF District, which would be used to assist the City with its payment for public improvements and land acquisition costs. Citizen Input q'hcrc was ~onc. .,Motion by Councilmcmber Cook, seconded by Councilmember Strommen, to close the public hearing. Motion can'ied. Voting Yes: Mayor Gamec, Councilmembers Cook, Strommen, Elvig, Jeffrey, ()lson. and Pearson. Voting No: None. The pt~blic hearing was closed at 7:28 p.m. City Council/April 26, 2005 Page 5 of 23