03/11/1996 Council Packet - Laserfiche WebLink

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CITY COUNCIL MEETING FEBRUARY 12,1996 incorporated into TIF District 1-7, the City will have the capacity to offer financial assistance. Mr. Wessel recommended that the City Council adopt Resolution No. 96 - 24 calling for a public hearing on March 25, 1996, 6:45 P.M. Council Member Kuether moved to adopt Resolution No. 96 - 24. Council Member Bergeson seconded the motion. Motion carried unanimously. Resolution No. 96 - 24 can be found at the end of these minutes. FIRST READING of Ordinance No. 01 - 96 Offering the Sale of Property in the Apollo Business Park to Progressive Engineering Technology, Inc. - Mr. Wessel explained that Progressive Engineering is an engineering and custom precision machining company that is currently located in Blaine. The company is planning to purchase 2.2 acres in the City -owned portion of the Apollo Business Park to build a 16,000 square foot manufacturing facility. According to the City Charter, an ordinance is required when City -owned property is sold. Mr. Wessel recommended that the City Council adopt the FIRST READING of Ordinance No. 01 - 96. Council Member Lyden moved to adopt the FIRST READING of Ordinance No. 01 - 96 and dispense with the reading. Council Member Neal seconded the motion. Motion carried unanimously. Consideration of Resolution No. 96 -11 to Consider the Sale of Industrial Revenue Bonds for Taymark - Mr. Wessel explained that the City of Lino Lakes has received a proposal from Taylor Corporation asking the City to assist in financing a project through the issuance of revenue bonds in the amount of $6,000,000.00. The project to be financed is for the construction of Taymark, an approximately 150,000 square foot manufacturing facility to be located on 20 acres in the Clearwater Creek Development Center. 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 will be employed in Phase I 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 PAGE 4