Minutes - Council - 10/23/2001 - Laserfiche WebLink

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Case #5: Public Hearing to Consider Execution of Business Subsidy Agreement with Twinkle Twinkle, LLC. DBA Star Exhibits and Environments Mayor Gamec closed the regular portion of the City Council meeting at 7:28 p.m. in order to conduct a public hearing. Public Hearing Mayor Gamec called the public hearing to order at 7:28 p.m. Presentation City Administrator Norman stated that recently a development agreement with Twinkle Twinkle, LLC (Star Exhibits) had been negotiated with City staff. The project includes the construction of a 185,000 square foot office/warehouse/manufacturing building in November of 2001, with an expansion of 25,000 square feet in the future. The building will be located northeast of the intersection of newly constructed 143rd Avenue and Industry Avenue. It is anticipated that the project will create at least 15 new jobs paying a wage of at least $13.00 per hour, in a two-year period. The County Assessor has established an original tax capacity for the parcel of approximately $1,685. It is anticipated that the project will be valued at approximately $8,100,000 and will generate approximately $161,250 annually in tax capacity, and approximately $100,000 in increment per year toward the TIF District. The tax increment would be used to assist the City with its payment for costs related to land acquisition, site improvements and public improvements. Citizen Input There was none. Motion by Councilmember Zimmerman, seconded by Councilmember Kurak, to close the public hearing. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Zimmerman, Kurak, Anderson, and Hendriksen. Voting No: None. The public hearing closed at 7:31 p.m. Council Business Mayor Gamec called the regular City Council meeting back to order at 7:31 p.m. Councihnember Kurak noted that at the $13.00 per hour wage an employee would be making $27,000 per year and could be living in the ACCAP housing project. City Council/October 23, 2001 Page 10 of 24