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Motion carried. Voting Yes: Mayor Gamec, Councilmembers Pearson, Jeffi'ey, Cook, Elvig, <br />Olson, and Strommem Votin~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 Gamec 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 /> I0. 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 Input <br /> <br />There wasnone. <br /> <br />Motion by Councilmember Cook, seconded by Councilmember Strommen, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Garnec, 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 />-48- Page 4 of 23 <br /> <br /> <br />