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MINU~r~s <br />CITY COUNCIL <br />AUGUS"r 14, 2002 <br />WINGSPAN Jenny Grain, Briggs and Morgan, and Bob Hot~'dahl, Capella Financial, <br />appeared before the. Council relative to the City's issuance of atax-exempt <br />note to finance various projects for AAringspan Life Resources. This <br />tnancing would not create en obli~?ation or liability for the City, and the <br />City would gencrale b 14,000 in revenue due to the I% issuance fee that <br />Little Canada charges for This type of financing instrument. Wingspan <br />would also reimburse all cots the Ci(q incurs with regard to this <br />financing. 1-(oi~dahl reported that the projects involved are office <br />renovation projects. <br />Mr. Fahey introduced the following resolution and moved its adoption: <br />RE,S"GLUT/On+ IA~U. 2002-8-! 92 - C;~LI,ING P'OR A PUBLIC <br />/IEAR/NG POIt If%//NV'1;.4/)11', ,S'IPl'L~A9RElZ I1, 2002, AT' 7.•30 P. M. <br />UN Tlfl LS.S'UrI;A='CY: CJI~ Ri f'1:;~~t11~ NUTS TO /rIN~I NCE /IGALTH <br />C.;4RE lACIl1Tlli.4, ,-1:1'I) ..-~I UTHORILIIVG l7/Is PURL/C'A7YONO!' <br />A NO%YCE OF Ti'/L ili:;tJUA'G ('6VlNC,'.S'PAN PRO.ICCT) <br />T"he foregoing resolution w-as duly seconded by La Valle. <br />Ayes (4) 1=whey, LaVallc, Agontour, Anderson. <br />Nays (0). Resolution declared adopted, <br />RI?CGSS At this point in the meeting„ 0:2q p m., Council tool: a short recess. The <br />meeting ~n~as recimvenrd at ~)~_; p n~i_ <br />I3USINGSS The City Administrator revic~~cd drab ~,uidclines for the Business <br />RCVOLVING Revolvin<, Loan Program. 11c noted that the Planning Commission has <br />LOAN reviewed these ~~uldelines and has recommended approval, <br />I+UND <br />The Council discussed the. fac( that the special assessment process cannot <br />be used to recover loans that go into default. `therefore, (here is a risk to <br />the City. llowcver., the valuation oflhe property should be sufFcient to <br />cover both the bank's position and the City's subordinate position. <br />Council discussed the use of (hc loan program for exterior maintenance <br />items, and Fahey expressed i=onccrn with including such items as roof <br />replacement. 'hhe C:ih~ Adminisu~ator noted that in reviewing a request for <br />a building permit for exterior improvements, the Building Official may <br />require a code compliance. improvement as pert of the building permit. <br />Fahey suggested that maintentutce items add no value to the project, and <br />10 <br />