Resolution - #05-11-369 - 11/07/2005

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Councilmember Cook introduced the fbllowing resolution and moved for its adoption: RESOLUTION #05-11-369 A RESOLUTION ADOPTING FINDINGS TO RELATING THE BUSINESS SUBSIDY AGREEMENT WITH DAVE PERKINS CONTRACTING, WHICH RESOLUTION AMENDS THE PREVIOUSLY ADOPTED BUSINESS SUBSIDY AGREEMENT WHEREAS, Dave Perkins Contracting, hereinafter referred to as the "Developer", has entered into a Business Subsidy Agreement with the City of Ramsey for development of the property legally described as follows: Lot 1, Block 2, Gateway North Industrial Park, Anoka County, Minnesota (the "Subject Property"); WHEREAS, on October 25, 2005, the City Council directed City Staff to amend the Business Subsidy Agreement to include the construction of sewer and water on Limonite Street N.W. NOW THEREFORE, BE IT RESOLVED BY THIS CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA that the findings relating to the request are determined to be as follows: 1. That the Developer will construct a 20,000 square foot office/warehouse building (the Project) in the Spring of 2006. 2. That the Developer currently employs 15 persons and will create 4 additional jobs paying a wage of at least $14.00/hour in a 2 year period. 3. That the tax assessed value of the Project will be approximately One Million Dollars and will generate $32,268.00 annually in property taxes. That the Business Subsidy is for $235,450.00, which amount includes the price of land, construction of sanitary sewer and municipal water; waiver of park dedication, and sewer and water trunk and lateral fees. That the Subject Property does not receive sewer and water service from Limonite Street NW. However, in the future, in the event of a subdivision of the subject property, the Developer would be required to pay additional connection fees for utility service from Lirnonite St NW.