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Motion carried. Voting Yes: Mayor Gamec, Councilmemberg Zimmerman, Kurak, Anderson, <br />and Hendriksen. Voting No: None. <br /> <br />PUBLIC HEARINGS <br /> <br />Case #1: <br /> <br />Public Hearing to Consider Execution of Business Subsidy Agreement with <br />Sharp and Associates, LLC <br /> <br />Mayor Gamec closed the regular portion of the City Council meeting at 7:08 p.m. in order to <br />conduct a public hearing. <br /> <br />Public Hearing <br /> <br />Mayor Gamec called the public hearing to order at 7:08 p.m. <br /> <br />Presentation <br /> <br />City Administrator Norman explained that the proposed development agreement with Sharp and <br />Associates, LLC has been recently negotiated with City staff. The project includes the <br />construction of a 60,138 square foot, multi-tenant office/warehouse/showroom building in the <br />spring 2001. The building will be located at the intersection of Sunfish Lake Boulevard and <br />McKinley Street. It is anticipated that the project will create at least 17 new jobs paying a wage <br />of at least $10.00 per hour in a two-year period. The County Assessor has established an original <br />tax capacity for the parcel of approximately $12,697. It is anticipated that the project will be <br />valued at approximately $3 million dollars and will generate approximately $100,500 annually in <br />tax capacity, and approximately $87,000 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. The development agreement for this project is in excess of a 50-page document. <br />The City has utilized the consistent and standard format except for the dollar amounts specific to <br />the project. Any changes in the land use are passed through to the City Attorney for his review. <br />He noted that staff had provided the pertinent pages of the agreement for Council review. The <br />other sections deal with indemnity, construction documents, prohibitions against assignments, <br />and transfer to the agreement to pay deficiencies. He stated the entire agreement is available at <br />City Council request. Staff recommends the Council authorize the business subsidy agreement <br />with Sharp and Associates, LLC. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Anderson, seconded by Councilmember Hendriksen, to close the <br />public hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Anderson, Hendriksen, Kurak, <br /> <br />City Council/March 13, 2001 <br /> Page 4 of 31 <br /> <br /> <br />