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Motion carried. Voting Yes: Mayor Gamec, Councilmembers Pearson, Jeffrey, Cook, Elvig, <br />Olson, and Strommen. Voting No: None. <br /> <br />COUNCIL BUSINESS <br /> <br />Case #1: <br /> <br />Public Hearing to Consider Execution of Business Subsidy Agreement with <br />Riverside Manufacturing, Inc. <br /> <br />Mayor Gamec closed the regular portion of the City Council meeting at 7:10 p.m. in order to <br />conduct a public hearing. <br /> <br />Public Hearing <br /> <br />Mayor Gamee called the public hearing to order at 7:10 p.m. <br /> <br />Presentation <br /> <br />Economic Development Coordinator Sullivan stated staff has negotiated a development <br />agreement with Riverside Manufacturing, Inc. The project includes the construction of a 30,000 <br />square foot office/manufacturing building in the summer of 2006. The building will be located <br />west of Sunfish Lake Boulevard NW adjacent to Sunfish Lake Business Park in TIF District No. <br />10. It is anticipated that the project will create at least six new jobs paying a wage of at least $15 <br />per hour in a two-year period. The County Assessor has established an assessed taxable market <br />value of approximately $1,800,000 for the project. It is anticipated that the project will generate <br />$59,000 annually in taxes and approximately $32,250 annually in tax capacity. The tax <br />increment generated per year will be approximately $18,000 per year toward the TIF District, <br />which would be used to assist the City with its payment for public improvements associated with <br />Sunfish Lake Business Park as well as the land cost write-down. Mr. Sullivan stated Riverside <br />Manufacturing, Inc. is a growing company with 17 employees. Staff is very excited about this <br />project. <br /> <br />Citizen Inout <br /> <br />There was none. <br /> <br />Motion by Councilmember Cook, seconded by Councilmember Strommen, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Cook, Strommen, Elvig, Jeffrey, <br />Olson, and Pearson. Voting No: None. <br /> <br />The public hearing was closed at 7:12 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:12 p.m. <br /> <br />City Council / April 25, 2006 <br />Page 4 of 23 <br /> <br /> <br />