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Motion by Mayor Gamec, seconded by Councilmember Kurak, to authorize a business subsidy <br />agreement with Pheoll Fastening Systems, and execution of a development agreement, <br />contingent upon review by the City Attorney. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Kurak, Anderson, Hendriksen, <br />and Zimmerman. Voting No: None. <br /> <br />Case #4: <br /> <br />Public Hearing to Consider Execution of Business Subsidy Agreement with <br />AMCON Construction Company <br /> <br />Mayor Gamec closed the regular portion of the City Council meeting at 8:06 p.m. in order to call <br />the public hearing to order. <br /> <br />Public Hearing <br /> <br />Mayor Gamec called the public hearing to order at 8:06 p.m. <br /> <br />Presentation <br /> <br />City Administrator Norman stated that the proposed development agreement with Amcon <br />Construction Company has been recently negotiated with City staff. Amcon Construction <br />intends to build a multi-tenant building with the major tenant being a printing company out of <br />Plymouth, Mhmesota. The facility will be located in a 3.65 acre site located in the Gateway <br />North Industrial Park. The project includes the construction of a 50,000 square foot facility in <br />the spring of 2001. It is anticipated that the printing company will increase its employees from a <br />current staffing level of 40 employees to an additional ten new employees in a two year period. <br />The company will agree to pay above the City's policy of $10.00 an hour per employee. Upon <br />completion of the platting process, the County Assessor will establish an original tax capacity for <br />the parcel of approximately $1,527. It is anticipated that the completed project will be valued at <br />approximately $2 million dollars and will generate approximately $66,500 annually in tax <br />capacity, and approximately $45,000 in tax increment per year toward the TIF District, which <br />would be used to assist the City with its payment in bonding for land acquisition and public <br />improvements. <br /> <br />Economic Development Consultant Mulrooney stated that the last discussion he had with the <br />developer is that the building will be a single tenant facility. He explained that the company has <br />been searching for a site in the Anoka/Ramsey area and reached a decision that Ramsey would be <br />the best location for their business since many of the employees already live in this area. <br /> <br />Citizen Input <br /> <br />There was nolle. <br /> <br />City Council/January 23, 2001 <br /> Page 13 of 34 <br /> <br /> <br />