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<br />Presentation <br /> <br />Community Development Director Trudgeon stated recently a development agreement with <br />Minnesota Waterjet, Inc. has been negotiated with City staff. The project includes the <br />construction of a 20,000 square foot office/manufacturing building in the Summer of 2006. The <br />building will be located on Lot 2, Block I, Sunfish Lake Business Park Third Addition, west of <br />Azurite Street in TIF District No. 10. The company currently has 9 employees and is located in <br />Rogers, Minnesota. It is anticipated that the project will create at least 8 new jobs paying a wage <br />of at least $14.00 per hour in a two-year period. Mr. Trudgeon stated the County Assessor has <br />estimated an assessed taxable market value of approximately $1,500,000 for the project. It is <br />anticipated that the project will generate $49,000 annually in taxes and approximately $29,250 <br />annually in tax capacity. The tax increment generated per year will be approximately $13,000 <br />per year toward the TIF District, which would be used to assist the City with its payment for <br />public improvements associated with Sunfish Lake Business Park as well as the land cost write- <br />down. <br /> <br />Citizen InDut <br /> <br />There was none. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Elvig, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Elvig, Cook, Olson, <br />and Pearson. Voting No: None. Absent: Councilmember Jeffrey. <br /> <br />The public hearing was closed at 7:13 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:13 p.m. <br /> <br />Councilmember Elvig stressed the importance of the correct water meters being installed at this <br />site, as there have been problems with water meters in the past in the City. He asked if this <br />business will use a different type of sewer usage rate than is common in the City, noting the need <br />to be aware of the City's sewer capacity. <br /> <br />Councilmember Strommen commented she believes the company recycles the water they use. <br /> <br />City Attorney Goodrich suggested a motion for approval could be subject to review by the <br />Utilities Department regarding water usage. <br /> <br />Community Development Director Trudgeon indicated information regarding the water and <br />sewer usage can be provided in the Weekly Update. <br /> <br />City Council / June 27, 2006 <br />Page 6 of 24 <br />