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Councilmember Look: aye <br />Councilmember Olson: aye <br />Councilmember Strommen: aye <br />Mayor Gamec: aye <br />Motion carried. <br />Mayor Gamec thanked the Ramsey Lions for the excellent community picnic. <br />Case #2: Public Hearing to Consider Execution of Business Subsidy Agreement with <br />RDC Properties, LLC <br />Mayor Gamec closed the regular portion of the City Council meeting at 7:28 p.m. in order to <br />conduct a public hearing. <br />Public Hearin <br />Mayor Gamec called the public hearing to order at 7:28 p.m. <br />Presentation <br />Economic Development Coordinator Sullivan stated this case includes a name change from RDC <br />Properties LLC to O'Cullinan Properties, LLC. He stated a development agreement between the <br />City of Ramsey and O'Cullinan Properties, LLC has been negotiated with City staff. This <br />business is currently located in the City of Anoka and has seven employees. It is anticipated that <br />the project in the City of Ramsey to construct a 40,920 square foot office /warehouse building, <br />and will create at least 10 new jobs paying a wage of approximately $18.00 per hour in a two - <br />year period. This business specializes in moving and storing heavy machinery for businesses. <br />Mr. Sullivan stated the County Assessor has estimated an assessed taxable market value of <br />approximately $1,900,000 for the project. It is anticipated that the project will generate $59,000 <br />annually in taxes and $37,250 in tax capacity. The tax increment financing (TIF) generated will <br />be approximately $28,000 per year. The TIF would be used to assist the City with its payment <br />for public improvements and land acquisition associated with Ebony Addition and Gateway <br />North Industrial Park No. 5, as well as the land cost write -down. <br />Citizen Input <br />There was none. <br />Motion by Councilmember Jeffrey, seconded by Councilmember Strommen, to close the public <br />hearing. <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Jeffrey, Strommen, Dehen, Elvig, <br />Look, and Olson. Voting No: None. <br />The public hearing was closed at 7:30 p.m. <br />City Council / June 26, 2007 <br />Page 6 of 38 <br />