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Presentation <br /> <br />Economic Development/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 />Properties 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 />project. 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 be 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 />There was none. <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 />Strommen. Voting No: None. Absent: CouncilmemberJeffrey. <br /> <br />The public hearing was closed at 7:47 p.m. <br />Council Business <br /> <br />Mayor Game¢ called the regular City Council meeting back to order at 7:47 p.m. <br /> <br />Councilmember Elvig requested clarification that the tax generated is $62,000 annually and there <br />will be $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 the year 2013. <br /> <br />Marty Fischer of Premier Commercial Partners, LLC thanked the Council and stated the <br />approval of this agreement will allow Premier Commercial Partners to be located on Highway 10 <br />in the City of Ramsey. <br /> <br />Motion by Councilme~nber Cook, seconded by Councilmember Elvig, to authorize a business <br />subsidy agreement with Premier Commercial Partners, LLC, and to authorize execution of a <br />development agreement with Premier Commercial Partners, LLC, contingent upon review by the <br />City Attorney. <br /> <br />PlO <br /> <br />City Council / September 27, 2005 <br /> Page 10 of 25 <br /> <br /> <br />