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portions: 11.23 acres that will see the immediate construction of an approximately 40,000 square <br />foot building that will be occupied by both Sauter and Kobus Trucking. This project would <br />create $31,650 in tax increment annually, starting in year 2003. The project also calls for an <br />option that could be exercised by Mr. Sauter for an additional 6.78 acres, which could possibly <br />see the construction of an additional 60,000 square foot building. The TIF agreement also allows <br />Mr. Sauter to receive $100,000 in site improvements for the Maken property. The County <br />Assessor's office estimates the property value around the proposed property will be $1,581,700 <br />which will generate approximately $52,300 annually in tax increment toward the TIF District, <br />which will be used to assist the City with its payment in bonding for land acquisition and public <br />improvements. The City has utilized a consistent and standard format except for the dollar <br />amount specific to this project and for the acquisition of land for the Makens property west of <br />Sunfish Lake Boulevard. Because the property in the Gateway North Industrial Park is part of a <br />new Tax Increment Financing District (District No. 8), a business subsidy public hearing is <br />required by State Statute. Council is required to take comments from the floor concerning the <br />proposed TIF incentives being offered in the Gateway North Industrial Park. Council's <br />authorization of the business subsidy agreement will complete the full development agreement <br />with Mr. Sauter. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Zimmerman, seconded by Councilmember Kurak, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Zimmerman, Kurak, Anderson, <br />and Hendriksen. Voting No: None. <br /> <br />The public hearing closed at 8:19 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 8:19 p.m. <br /> <br />Motion by Mayor Gamec, seconded by Councilmember Anderson, to authorize a business <br />subsidy agreement with T & G Land, Inc. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Anderson, Hendriksen, Kurak, <br />and Zimmerman. Voting No: None. <br /> <br />City Council/January 9, 2001 <br /> Page 12 of 35 <br /> <br /> <br />