02/12/1996 Council Packet - Laserfiche WebLink

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AGENDA ITEM 4D STAFF ORIGINATOR: Brian Wessel DATE: 2/12/96 TOPIC: Resolution No. 96-11 indicating preliminary intent to assist the financing of Taymark BACKGROUND: The City of Lino Lakes has received a proposal from Taylor Corporation asking for the city to assist in financing a project through the issuance of revenue bonds in the principal amount of $6,000,000. The project to be financed is for the construction of Taymark, an approximately 150,000 square foot manufa uring facility to be located on 20 acres in the Clearwater Creek Development enter. Taymark is a division of the Taylor Corporation which has a facility in White Bear Lake. It plans to build an adjunct facility that deals in prom and homecoming supplies, party goods and imprinted specialty products. Approximately 100 people with be employed in Phase 1 of the project The project will ultimately be in the range of 200,000 square feet. The Minnesota Municipal Industrial Development Act requires that the City Council indicate its preliminary intent to undertake the project and to issue the revenue bonds to finance the project. The issuance of the bonds is subject to a public hearing, approval of the project by the Minnesota Trade and Economic Development Authority, approval by the city's bond counsel and the city council, and the availability of revenue bond allocations. While the allocations have been used up for 1996, the Taylor Corporation is requesting this preliminary resolution stating the city's intent. The company will wait until new allocations are available before actually applying, which will likely be in January of 1997. At that time the city can hold a public hearing and finalize the issuance of the bonds.