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Mot/on carried. Voting Yes: Mayor Gamec, Councilmembers Cook, Elvig, Olson, Pearson, and <br />Strommen. Voting No: None. Absent: Councilmember Jeffrey. <br /> <br />Councihnember 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 Gamec 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 ltearing <br /> <br />Mayor Gamec called the public hearing to order at 7:49 p.m. <br /> <br />Presentation <br /> <br />Economic Development/T[F Specialist Sullivan stated recently a development agreement with <br />Minks Properties, LLC has been negotiated with City staff. The project includes the construction <br />of a 20,048 square foot office/warehouse building in the spring of 2006. The building will be <br />located on the southeast comer 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 Home 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 />fbr the project. It is anticipated that the project will generate $55,000 annually in taxes. The tax <br />increment generated will be approximately $22,000 per year toward the TIF District, which <br />would be used to assist the City with its payment for public improvements associated with <br />13usiness Park 95, as well as financing a portion of this project. The Ramsey Economic <br />Development Authority has reviewed this project and recommends that the City Council support <br />this pro. iect with financial assistance. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Pearson, seconded by Councilmember Olson, to close the public <br />hearing. <br /> <br />Mot/on carried. Voting Yes: Mayor Gamec, Councilmembers Pearson, Olson, Cook, Elvig, and <br />Strommen. Voting No: None. Absent: CouncilmemberJeffrey. <br /> <br />The 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 />Pll <br /> <br /> <br />