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Motion carried. Voting Yes: Mayor Gamec, Councilmembers Cook, Elvig, Olson, Pearson, and <br />Strommcn. Voting No: None. Absent: CouncilmemberJeffrey. <br /> <br />Cotmcilmcmbcr Elvig thanked Mr. Fischer for keeping his business in Ramsey. <br /> <br />Case #5: <br /> <br />Public Hearing to Consider Execution of a Business Subsidy Agreement with <br />Minks Properties, LLC <br /> <br />Mayor Gamcc closed the regular portion of the City Council meeting at 7:49 p.m. in order to <br />conduct a public hearing. <br /> <br />Public Ilearing <br /> <br />Mayor Gamcc called the public hearing to order at 7:49 p.m. <br /> <br />Presentation <br /> <br />liconomic Development/TIF Specialist Sullivan stated recently a development agreement with <br />Minks t'roperties, LLC has been negotiated with City staff. The project includes the construction <br />o l~ a 20,048 square foot office/warehouse building in the spring of 2006. The building will be <br />l(~cated on thc southeast corner of Sunfish Lake Court and Sunfish Lake Boulevard. The site <br />plan will be considered by the Planning Commission and City Council in October. Minks <br />Custom l iome currently employs seven people. The Developer has committed to creating at <br />least 12 new jobs paying a wage of at least $14.00 per hour in a two-year period. He advised the <br />County Assessor has established an assessed taxable market value of approximately $1,500,000 <br />for thc pro. jeer. It is anticipated that the project will generate $55,000 annually in taxes. The tax <br />ir~crcment generated will be approximately $22,000 per year toward the TIF District, which <br />woulcl bc used to assist the City with its payment for public improvements associated with <br />Business Park 95, as well as financing a portion of this project. The Ramsey Economic <br />l)evclopmcnt Authority has reviewed this project and recommends that the City Council support <br />this pro. jeer with financial assistance. <br /> <br />Citizen Input, <br /> <br />T[ICI'C W~lS llone. <br /> <br />Motion by Councilmember Pearson, seconded by Councilmember Olson, to close the public <br />i~caring. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Pearson, Olson, Cook, Elvig, and <br />Sirommcn. Voting No: None. Absent: Councilmember Jeffrey. <br /> <br />public hearing was closed at 7:51 p.m. <br /> <br />Council Business <br /> <br />City Council / September 27, 2005 <br /> Page 11 of 25 <br /> <br /> <br />