Minutes - Council - 01/23/2001 - Laserfiche WebLink

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Case #2: Public Hearing to Consider Execution of Business Subsidy Agreement with Oldcastle Precast, Inc. (Amcor) Mayor Gamec closed the regular portion of the City Council meeting at 7:53 p.m. in order to call the public hearing back to order. Public Heariug Mayor Gamec called the public hearing back to order at 7:53 p.m. Presentation City Administrator Norman stated that the proposed development agreement with AMCOR d/b/a Oldcastle Precast, Inc. has been recently negotiated with City staff. The company currently operates a 16,400 square foot facility on 7.7 acres of land located in the Gateway North Industrial Park. The project's first phase is a 41,700 square foot facility in the spring of 2001, and is expected to have a second phase project with 27,360 square foot facility built in approximately two years. AMCOR currently operates a concrete product manufacturing business on the site. It is anticipated that the project will increase its employees from the current staffing of 25 to approximately 50 employees in a two-year period. The County Assessor's Office lists the property's current value at $591,200, with a tax capacity of $18,601. It is anticipated that the project will be valued at approximately $3 million dollars, that will generate approximately $100,500 annually in tax capacity, and approximately $56,000 in tax increment per year toward the TIF District, which would be used to assist the City with its payment in bonding for land acquisition and public improvements. Citizen Iuput There was llOlle. Motion by Councilmember Hendriksen, seconded by Councilmember Zimmerman, to close the public hearing. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Hendriksen, Zimmerman, Anderson, and Kurak. Voting No: None. The public hearing closed at 7:55 p.m. Council Business Mayor Gamec called the regular City Council meeting back to order at 7:55 p.m. City Council/January 23, 2001 Page 10 of 34