Agenda - Council - 05/10/2005 - Laserfiche WebLink

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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 Strommcn. Voting No: None. COIINCIL BUSINESS Case #1: Public Hearing to Consider Execution of a Business Subsidy Agreement with Martin Land Management, LLC Mayor Gamec closed the regular portion of the City Council meeting at 7:25 p.m. in order to conduct a public hearing. Public I. learim4 Mayor Gamec called the public hearing to order at 7:25 p.m. Presentation Economic Development Consultant Mulrooney indicated recently a development agreement with Marti~ Land 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, 2005. The building will be located at 14040 Azurite Street NW. It is anticipated that the project will create at least four new jobs paying a wage of at least $14.00 per hour in a two-year period. Thc 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 annually in tax capacity based on a 10,000 square foot project size. The tax increment generated will bt; approximately $6,700 per year toward the TIF District, which would be used to assist the C. ity with its payment for public improvements and land acquisition costs. Citizen Input, WaS 11011{2. Motion by Councilmcmber Cook, seconded by Councilmember Strommen, to close the public hearing. ;vl()tio~a carried. Voting Yes: Mayor Gamec, Councilmembers Cook, Strommen, Elvig, Jeffrey, and Pearson. Voting No: None. 'l'he public hearing was closed at 7:28 p.m. City Council/April 26, 2005 Page 5 of 23 -43 -