11-13-2000 EDA Packet - Laserfiche WebLink

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PUBLIC HEARING: PROPOSED BUSINESS SUBSIDY TO MARMON/KEYSTONE Ms. Divine informed the board that Marmon/Keystone has requested tax increment financing (TIF) assistance in the amount of $322,242 for the purpose of constructing an 80,000 square foot distribution facility in the Apollo Business Center. The company has been in business for 90 years as an entity, with a Minnesota location for the past four years as a distributor of tubing and piping, mainly for the agricultural industry. The local distributor currently employs 11, including warehouse, drivers, office and sales. The company has committed to hiring at least four new employees at no less than $15 per hour, plus benefits, which include medical, sick leave and vacation. This is well above the minimum established in the EDA's business subsidy requirement. The proposed facility will have a minimum market value of $3,152,600 for a total of $145,509 in annual taxes (based on 2000 dollars). According to the Minnesota Business Subsidy law, the EDA before granting a subsidy that exceeds $100,000. In additi the granting of a subsidy can be evaluated in terms of w the following: st hold a public hearing to increasing the tax base, romotes one or more of 1. Encourage economic and commercial dive within the community; 2. Contribute to the establishment of within an area; 3. Provide basic goods and se available or encourage f 4. Promote redevelopm cleanup; 5. Promote the ret significance; 6. Promote additional or in -off development within the community; 7. Encourage full utilization of existing or planned infrastructure improvements. al mess of commercial development inc`: ase the range of goods and services finesses; d removal of blight, including pollution ptive use of buildings of historical or architectural EDA President Bergeson opened the public hearing at 6:20 p.m. EDA Member Dahl moved to close the public hearing at 6:20 p.m. EDA Member Carlson seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 00 — 03 APPROVING A BUSINESS SUBSIDY FOR MARMON/KEYSTONE Ms. Divine advised light industrial projects in the Apollo Business Center are consistent with the City's comprehensive plan designed to encourage economic growth and diversity. As part of the Lino Lakes Town Center, the projects moving into the park play a significant role in providing a critical mass of development to support retail and service 3