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City Council Minutes August 7, 2007 Page 3 of 12 ---------------------------- Elissa Rogers introduced Earl and Patricia Rasmussen of E and P Manufacturing. Elissa informed the Council that the Business Park Committee has reviewed the request by Earl and Patricia Rasmussen to purchase Lot 3, Block 1 of the Pequot Lakes Business Park. She indicated that the Business Park Committee has recommended the sale of the lot to the Rasmussens. E and P Manufacturing is proposing to add 1 —2 new jobs within the next two years. The current hourly wage range is $19.00 - $30.00 per hour. COUNCIL MEMBER RYAN MOVED TO APPROVE THE SALE OF LOT 3, BLOCK 1, PEQUOT LAKES INDUSTRIAL PARK LOT TO E AND P MANUFACTURING AND TO AUTHORIZE THE SIGNING OF A PURCHASE AGREEMENT CONTINGENT ON THE FOLLOWING CONDITIONS: A. THAT THE SITE PURCHASE PROCESS IS FOLLOWED B. PURCHASE PRICE OF LOT IS $53,400 C. BUSINESS MUST START SITE PREPARATION AND CONSTRUCTIN WITHIN ONE YEAR OF ACQUIRING PROPERTY D. MUNICIPAL SEWER CONNECTION FEE TO BE PAID BY PURCHASER AT $4,900 PER UNIT E. MUNICIPAL WATER CONNECTION FEE TO BE PAID BY PURCHASER AT $4,900 PER UNIT F. BUILDING PERMIT FEES ARE BASED ON SQUARE FOOTAGE OF THE BUILDING AND WILL BE PAID BY THE PURCHASER G. IT IS THE RESPONSIBILITY OF PURCHASER TO MAINTAIN AND LANDSCAPE THE PROPERTY IN ACCORDANCE WITH THE REGULATIONS ESTABLISHED IN THE ZONING ORDINANCE COUNCIL MEMBER SJOBLAD SECONDED THE MOTION. MOTION CARRIED 5-0. 5.2. Lonesome Cottage Tax Increment Financing Those present: Sheila Haverkamp and Elissa Rogers of BLADC, Brandon Andersen of Lonesome Cottage, Stacy Johnson, Sandelin Law Office, Sid Inman, Ehlers. Sheila Haverkamp gave an overview of the project. She indicated that Lonesome Cottage Furniture is proposing to purchase four business park lots from the City and to hold an option on one additional lot. Lonesome Cottage will build a new manufacturing facility on the property, retain 44