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CASE <br /> <br /> PUBLIC HEARING TO CONSIDER EXECUTION OF <br />BUSINESS SUBSIDY AGREEMENT WITH MINKS PROPERTIES, LLC <br />By: Scan M. Sullivan, Economic Development / TIF Specialist <br /> <br />Background: <br /> <br />Recently a development agreement with Minks Properties, LLC, has been negotiated with City <br />statT. The project includes the construction of a 20,048 square foot office/warehouse building in <br />the Spring of 2006. The building will be located on the southeast corner of Sunfish Lake Court <br />and Sunfish Lake Boulevard. The Site Plan will be considered by the Planning Commission and <br />City Council in October. Minks Custom Home currently employs 7 people. The Developer has <br />c~ommitted to creating at least 12 new jobs paying a wage of at least $14.00 per hour in a two- <br />year period. <br /> <br />The Cot. tory Assessor has established an assessed taxable market value of approximately <br />$1,500,000 for the project. It is anticipated that the project will generate $55,000 dollars <br />mmually in taxes. The tax increment generated per year will be approximately $22,000 per year <br />toward the TIF District, which would be used to assist the City with its payment for public <br />improvements associated with Business Park 95 as well as financing a portion of this project. <br />The Ramsey Economic Development Authority has reviewed this project and recommends that <br />the City Council support this project with financial assistance. <br /> <br />The development agreement for this project is in excess of a 40-page document. The City has <br />utili×cd the consistent and standard format except for the dollar amounts specific to the project. <br />Any changes in the land use are passed through to the City Attorney for his review. Given the <br />above, smt'f has attached the pertinent pages of the agreement for Council review. As Council is <br />aware, the other sections deal with indemnity, construction documents, prohibitions against <br />assignments, and transfer to the agreements to pay deficiencies. The entire agreement is <br />available at City Council request. <br /> <br />Council Action: <br /> <br />Motion to authorize business subsidy agreement with Minks Properties, LLC. <br /> <br />- £[1]£1 - <br /> <br />Motion to authorize execution of a development agreement with Minks Properties, LLC, <br />ctmtingcnt upon review by the City Attorney. <br /> <br />Rcviewcd by: <br />City Administrator <br />C;)mmunity Development Director <br /> <br />Copies also distributed to: <br />City Attorney <br /> <br />CC:09.27.05 <br /> <br /> <br />