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CASE <br /> <br /> PUBLIC HEARING TO CONSIDER EXECUTION OF A <br />BUSINESS SUBSIDY AGREEMENT WITH DAVE PERKINS CONTRACTING <br />By: Scan M. Sullivan, Economic Development / TIF Specialist <br /> <br />Background: <br /> <br />Recently a development agreement with Dave Perkins Contracting, has been negotiated with <br />City staff. The project includes the construction of a 20,000 square foot office/warehouse in the <br />Spring of 2006. The building will be located on the southeast comer of Limonite Street and <br />143r'~ Avenue NW in Gateway North Industrial Park. Dave Perkins Contracting currently <br />employs 15 people. The Developer has committed to creating at least 4 new jobs paying a wage <br />of at least $14.00 per hour in a two-year period. <br /> <br />The County Assessor has established an assessed taxable market value of approximately <br />$1,000,000 tbr the project. It is anticipated that the project will generate $32,268 annually in <br />property taxes. The land and development costs for this parcel are $229,768. The assistance will <br />be provided in the form of a land and City fee write-down in the amount of $216,767. This <br />project is not in a TiF district and the costs will not be able to be recaptured over time. It should <br />bc noted that the land in question was purchased from a CDBG grant and the grant allows the <br />City to transfer the property to the Developer at no cost. <br /> <br />Council Action: <br /> <br />Motion to authorize business subsidy agreement with Dave Perkins Contracting. <br /> <br />and - <br /> <br />Motion to authorize execution of a Business Subsidy agreement with Dave Perkins Contracting, <br />contingent upon review by the City Attorney. <br /> <br />Reviewed 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 />