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Presentation <br /> <br />l!conomic l)evclopment/TIF Specialist Sullivan stated recently a development agreement with <br />Premier Commercial Partners, LLC has been negotiated with City staff. The project includes the <br />construction of two 6,000 square foot office buildings in the spring of 2006. The buildings will <br />be located on the southwest corner of Riverdale Drive and Highway 10. Premier Commercial <br />I'ropcrtics currently employs six people. The Developer has committed to creating at least eight <br />new .jobs paying a wage of at least $14.00 per hour in a two-year period. He advised the County <br />Assessor has established an assessed taxable market value of approximately $1,900,000 for the <br />pro. jeer. It is anticipated that the project will generate $62,389 annually in taxes. The tax <br />increment generated will be approximately $31,000 per year toward the TIF District, which <br />would bc used to assist the City with its payment for public improvements and redevelopment <br />associated with TIF District No. 4, as well as financing a portion of this project. <br /> <br />Citizen Input <br /> <br />'l'hcl'c was i]olle. <br /> <br />Motion by Councilmember Olson, seconded by Councilmember Pearson, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Olson, Pearson, Cook, Elvig, and <br />Strommcn. Voting No: None. Absent: CouncilmemberJeffrey. <br /> <br />Thc public hearing was closed at 7:47 p.m. <br /> <br />Council Business <br /> <br />Mayor (;amcc called the regular City Council meeting back to order at 7:47 p.m. <br /> <br />Councihncmbcr Elvig requested clarification that the tax generated is $62,000 annually and there <br />will bc $31,000 generated for tax increment financing annually. Economic Development/TIF <br />Specialist Sullivan responded in the affirmative. He indicated the TIF funds will be generated <br />until thc year 2013. <br /> <br />Ma,'ty l"ischer of Premier Commercial Partners, LLC thanked the Council and stated the <br />approw~l of this agreement will allow Premier Commercial Partners to be located on Highway 10 <br /> thc City o['Ramsey. <br /> <br />Motion by Councilmember Cook, seconded by Councilmember Elvig, to authorize a business <br />subsidy agreement with Premier Commercial Partners, LLC, and to authorize execution of a <br />dcvcl~>pmcnt agree~nent with Premier Commercial Partners, LLC, contingent upon review by the <br />City Atl~m~ey. <br /> <br />City Council / September 27, 2005 <br /> Page 10 of 25 <br /> <br /> <br />