Laserfiche WebLink
1 lc) Adopt Resolution #05-04-109 Authorizing Application to the Metropolitan Council for <br /> ri'ax Base Revitalization Account Funding <br /> <br />Motion carriccl. Voting Yes: Mayor Gamec, Councilmembers Elvig, Olson, Cook, Jeffrey, <br />['carson, and Strommen. Voting No: None. <br /> <br />C()UNCIL BUSINESS <br /> <br />Case #!: <br /> <br />Public Hearing to Consider Execution of a Business Subsidy Agreement with <br />Martin Land Management, LLC <br /> <br />Mayor Gamec closed the regular portion of the City Council meeting at 7:25 p.m. in order to <br />conduct a public hearing. <br /> <br />Puhlie Ilcaring <br /> <br />Mayor Gamec called the public hearing to order at 7:25 p.m. <br /> <br />Prcscntation <br /> <br />i Scon,.mxi c Development Consultant Mulrooney indicated recently a development agreement with <br />Martin [.and Management, LLC has been negotiated by City staff. The project includes the <br />construction o[' a 10,000 square foot office/warehouse building to be completed by December 31, <br />2005. Thc building will be located at 14040 Azurite Street NW. It is anticipated that the project <br />will cream at least four new jobs paying a wage of at least $14.00 per hour in a two-year period. <br />Thc County Assessor has established an assessed taxable market value of $647,000. It is <br />anticipated that the project will generate $21,000 annually in taxes and approximately $12,000 <br />annually in tax capacity based on a I 0,000 square foot project size. The tax increment generated <br />will 13c approximately $6,700 per year toward the TIF District, which would be used to assist the <br />(.'ity ,Mth its payment for public improvements and land acquisition costs. <br /> <br />Citizen Input <br /> <br />Modot~ by Councilmember Cook, seconded by Councilmember Strommen, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Cook, Strommen, Elvig, Jeffrey, <br />f)is,m, and Pearson. Voting No: None. <br /> <br />Thc p[tblic hearing was closed at 7:28 p.m. <br /> <br />City Council/April 26, 2005 <br /> Page 5 of 23 <br /> <br />P49 <br /> <br /> <br />