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10-10-1979 Council Agenda
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10-10-1979 Council Agenda
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CITY OF LITTLE CANADA <br />NOTICE OF PUBLIC HEARING ON <br />A PROPOSAL FOR A COMMERCIAL <br />FACILITIES DEVELOPMENT PROJECT <br />ARMON PLAZA PHASE -II- <br />$ 375,000.00 <br />To Whom It May Concern: <br />Notice is hereby given that the Council of the City of Little Canada,Minnesota, <br />will meet at the City Center, 515 Little Canada Rd., in said City, at 7 :30 O'clock <br />P.m. on the 10th day Of October 1979, to consider the proposal of Mr. John Vitale, <br />that the City assist in financing a project hereinafter described by the issuance <br />of industrial development revenue bonds. <br />( PROJECT) <br />Mr. John Vitale a Little Canada resident and businessman, owns a piece of land <br />near Rice and Little Canada Rd. He proposes to build a 12,000 sq. ft. shopping <br />strip and lease the entire center to,Ar -mond Inc. Ar -mond Inc. is in the bus- <br />iness of sub - leasing office and retail space to smaller tenants. Ar -mond Inc. <br />would manage the center and pay all operating costs on a triple net lease basis. <br />The cost breakdown of the project is as follows: <br />Construction Contracts <br />Site Development $ 300,000.00 <br />Architectural & Engineering $ 60,000.00 <br />Legal Fees $ 15,000.00 <br />Interest during Construction $ 3,000.00 <br />$ <br />Bond Council 6,000.00 <br />Underwrinting $ 6,000.00 <br />Contingencies $ 5,000.00 <br />$ 3,000_00 <br />$ 397,000.00 <br />The estimated principal amount of bonds or other obligations to the issued <br />to finance this project is,$ 375,000.00. <br />2 <br />1 <br />/ <br />
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