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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 03/12/01 <br />TOPIC: Public Hearing on the proposed business subsidy to <br />Summit Fire Protection <br />Vote Required: Simple Majority <br />BACKGROUND: <br />Summit Fire Protection, a company that designs, manufactures and installs fire <br />suppression systems, has requested tax increment financing (TIF) assistance in <br />the amount of $217,059 for the purpose of constructing a 30,000 square foot <br />facility in the Apollo Business Center. Summit currently is the second largest fire <br />protection company in Minnesota, and currently has locations in Savage, <br />Roseville, Rochester and Fargo. The company plans to consolidate the <br />Roseville and Savage locations into this new Lino Lakes facility. The company <br />will employ approximately 60 at this new facility, including management, <br />designers, sales positions and fabricators. The company has committed to hiring <br />at least eight new employees within two years at no Tess than $22.00 per hour, <br />plus benefits. <br />A public hearing is required by statute when the EDA is considering granting a <br />subsidy that exceeds $100,000. <br />OPTIONS: <br />1. Open the public hearing <br />2. Continue the public hearing <br />RECOMMENDATION: <br />Option 1 <br />• <br />