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CASE # <br /> <br /> PUBLIC HEARING TO CONSIDER EXECUTION OF A <br />ESS SUBSIDY AGREEMENT WITH DAVE PERKINS CONTRACTING <br /> By: Sean M. Sullivan, Economic Development / TIF Specialist <br /> <br />IFackgrou nd: <br /> <br />A development agreement with Dave Perkins Contracting has been negotiated with City staff. <br />Thc proLjcct includes the construction of a 20,000 square foot office/warehouse in the Spring of <br />2006. The building will be located on the southeast comer of Limonite Street and 143rd Avenue <br />rqW in Gateway North Industrial Park. Dave Perkins Contracting currently employs 15 people. <br />The Developer has committed to creating at least 4 new jobs paying a wage of at least $14.00 per <br />hour in a two-year period. <br /> <br />'lhe County Assessor has established an assessed taxable market value of approximately <br />$1~000,000 tbr thc project. It is anticipated that the project will generate $32,268 annually in <br />property laxcs. The land and development costs for this parcel are $245,300. The assistance will <br />10c provided in the form of a land and City fee write-down in the amount of $235,450. This <br />amount m~w includes costs associated with the extension of sewer and water down Limonite <br />Street as discussed at the October 25, 2005 City Council Meeting. This project is not in a TIF <br />district and the costs will not be able to be recaptured over time. It should be noted that the land <br />in question was purchased from a CDBG grant and the grant allows the City to transfer the <br />propcrty to the Developer at no cost. <br /> <br />Conncil Action: <br /> <br />Motion to attthorizc business subsidy agreement with Dave Perkins Contracting. <br /> <br />and - <br /> <br />Motion to authorize execution of a Business Subsidy agreement with Dave Perkins Contracting, <br />cont i ngcnt upon review by the City Attorney. <br /> <br />.-arid- Motion to adopt resolution #05-11- <br />Agreement with Dave Perkins Contracting. <br /> <br />__ Findings relating to the Business Subsidy <br /> <br />Reviewed by: <br />City Administrator <br />(~ommunity Development Director <br />(_i it3, 1 ';nginccr <br /> <br />C(;: 11.07.05 <br /> <br /> <br />