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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I !:!!!i <br />I' <br /> <br />per hour in a two-year period. They currently have 14 employees being paid wages from $19.00 <br />to $23.00 per hour. The County Assessor has established an assessed taxable market (~ue of <br />approximately $1,600,000 for the project. It is anticipated that the project wiI1 gene[a~i~5~!'0'0 <br />annually in taxes and approximately $31,250 annually in tax cap_acity. The ~ta~lncrem~hf.;; <br />generated per year will be approximately $20,400 per year toward the TIF Dis~ct¢ '¢hich would <br />be used to assist the City with its payment for public improvements. The~m~f~l~:'su~Si,~:,..~for the . <br />project will be $163,000. ,ii~!ii:; ~"~:~i~'~;.~ ' <br /> <br />Councflmember Hendnksen inquired as to when the TIF District wilt:zexpire '~'~:~ ¢5: <br /> <br />TIF Specialist Sullivan replied that the TIF District exPires in ~i;~2'~ '7'?}~;:' <br /> <br />Councilmember Hendhksen inquired if the Ci~ will.~:~b~ ~apm~g an additional $20,000 <br /> <br />Economic Development Consultant Mulrooney rWlied th~}~ p~enti~' i's there if evening <br />goes as pla~ed. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion to by Councilmembe;:~Hendri~eh, second~'~iiS~'~ps~cilm~mber Zimmerman, to close <br />the public hearing. .... <br />Motion carried. Voting Yes: Mayor "::~'~,.~Council~mbers Hendriksen, Zimmerman, <br /> <br />Anderson, and Kurak~,. Voting No: None. , <br /> <br />The public, hearing closed at 8:58 p.m. . <br /> <br />Council Business <br /> <br />Motion by CoUncilmember Hendriksen, seconded by <br /> <br />Councilmember Kurak, to authorize <br /> <br />,business subsidy agreement with Panther Investments and authorize execution of a development <br />agreement with Panther Investments, contingent upon review by the City Attorney. <br /> <br />Motion carried. Voting Yes': Mayor Gamec, Councilmembers Hendriksen, Kurak, Anderson, <br />and Zimmerman. Voting No: None. <br /> <br />Case #2: <br /> <br />Request to Vacate Drainage and Utility Easement and Review Registered <br />Land Survey for Administrative Subdivision in Northfork St. Andrews <br />Addition: Case of Anthony Moulder <br /> <br />Mayqr Gamec closed the regular portion of the City Council meeting at 8:58 p.m. in order to <br />conduct a public hearing. <br /> <br />City Council/Oct~b_er 22, 2002 <br /> Page 15 of 35 <br /> <br />P135 <br /> <br /> <br />