Minutes - Council - 11/07/2005 - Laserfiche WebLink

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A roll call vote was performed by the City Clerk. Councilmember Pearson aye Councilmember Elvig aye Councilmember Strommen aye Councilmember Olson aye Councilmember Cook aye Councilmember Jeffrey aye Mayor Gamec aye Motion carried. Mayor Gamec closed the regular portion of the City Council meeting at 7:15 p.m. in order to conduct the following public heating. Case 02: Public Hearing to Consider Execution of a business Subsidy Agreement with Dave Perkins Contracting Mayor Garnet called the public hearing to order at 7:15 p.m. Presentation City Administrator Norman stated that Council discussed this item two weeks ago. At that time, it was asked to put this into a subsidy agreement. The building will be located on the southeast comer of Limonite Street and 143 Avenue NW in Gateway North Industrial Park. Dave Perkins Contracting currently employs 15 people, but there will be four new jobs created paying a wage of no less than $14 per hour in the next two years. Mr. Norman informed Council that the County Assessor has established a taxable market value of approximately $1,000,000 for the project. It is anticipated that the project will generate $32,268 annually in property taxes. The land and development costs for this parcel are $245,300. The assistance will be provided in the form of a land and City fee write-down in the amount of $235,450. This amount now includes costs associated with the extension of sewer and water down Limonite Street as discussed at the October 25, 2005 City Council meeting. This project is not in a TIF District and the costs will not be able to be recaptured over time. It should be noted that the land in question was purchased from a CDBG Grant and the grant allows the city to transfer the property to the Developer at no cost. Citizen Input None Close Public Heating Motion by Councilmember Elvig and seconded by Councilmember Cook to close the public hearing. City Council/November 7, 2005 Page 5 of 16