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Mayor (}amcc called thc regular City Council meeting back to order at 7:51 p.m. <br /> <br />Ben Minks of Minks Properties, LLC thanked the Council for their consideration of this <br />agrccl~ <br /> <br />Councilmcmbcr Elvig asked how the City monitors and enforces the growth of the company's <br />employment, and if there are repercussions on this subsidy if the growth requirements are not <br /> <br />l:,conomic Development/TIF Specialist Sullivan replied he is required to contact businesses on an <br />ammal basis to receive a report on the number of jobs that have been created. This report is <br />fi)rwarctcd to thc State. He explained the assistance is prorated, and if the growth requirement is <br />not met a portion of the assistance would be required to be repaid. <br /> <br />Mayor Gamec commented there have been extensions made to deadlines in the past due to the <br />economy, and the City does work with businesses. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Strommen, to authorize a <br />b~sincss subsidy agreement with Minks Properties, LLC, and to authorize execution of a <br />development agreement with Minks Properties, LLC, contingent upon review by the City <br />Attorney. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Elvig, Strommen, Cook, Olson, <br />ami Pearson. Voting No: None. Absent: Councilmember Jeffrey. <br /> <br />Case #6: <br /> <br />Public Hearing to Consider Execution of a Business Subsidy Agreement with <br />Dave Perkins Contracting <br /> <br />Mayor (;amcc closed the regular portion of the City Council meeting at 7:54 p.m. in order to <br />conduct a public hearing. <br /> <br />Public llearing <br /> <br />Mayor (;amec called the public hearing to order at 7:54 p.m. <br /> <br />Prcscntation <br /> <br />/~c(momic l)evelopment/TIF Specialist Sullivan stated recently a development agreement with <br />/)ave I'crkins Contracting has been negotiated with City staff. The project includes the <br />construction of a 20,000 square foot office/warehouse in the spring of 2006. The building will <br />b,~' located" on the southeast corner of L~momte' ' Street and 143~d Avenue NW in Gateway North <br />h~dustrial ?ark. Dave Perkins Contracting currently employs 15 people. The Developer has <br />committed to creating at least four new jobs paying a wage of at least $14.00 per hour in a two- <br />year period, l'te advised the County Assessor has established an assessed taxable market value of <br />approximately $1,000,000 for the project. It is anticipated that the project will generate $32,268 <br />almually in property taxes. The land and developments costs for this parcel are $229,768. The <br /> <br />City Council / September 27, 2005 <br /> Page 12 of 25 <br /> <br /> <br />