Minutes - Council - 04/11/2000 - Laserfiche WebLink

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Case#2: Public Hearing to Consider a Development Agreement with H&P Development L.L.C. City Administrator Norman stated this is a TIF project and controlled by Gary Hugeback and Mark Peck and will be done in two phases with two identical looking facilities of 31,600 square feet. The County Assessor's office has placed a value on the proposed facility at a minimum market value of $1.4 million. In addition to constructing the project, the proposed agreement requires that if the wage and job goals are not met, the assistance must be repaid to the City. Michael Mulrooney, TIF Consultant, stated through the Development Agreement the developer will agree to a wage and job goal of at least ten jobs at a wage of at least $10 per hour within two years of the development date. He stated the total value of assistance is the site plus capitalized interest associated with providing the site. Gary Hugeback, Integrated Real Estate Services, Inc., stated he had nothing to add. Mayor Gamec closed the regular portion of the City Council meeting at 8:04 p.m. in order to conduct the public hearing. Public Hearing Mayor Gamec called the public hearing to order at 8:04 p.m. Citizen Input No one appeared to address this item. Motion by Councilmember Hendriksen and seconded by Councilmember Zimmerman to close the public hearing. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Hendriksen, Zimmerman, Anderson, and Connolly. Voting No: None. Absent: None. The public hearing closed at 8:04 p.m. Council Business Mayor Gamec called the regular portion of the City Council meeting back to order at 8:04 p.m. City Administrator Norman noted the land is being offered as a subsidy and Staff recommends the authorization of the execution of a development/subsidy agreement with H & P Development, L.L.C. City Council/April 11, 2000 Page 10 of 27