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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 4/27/98 <br />TOPIC: Public Hearing: Consideration of the proposal for the <br />City of Lino Lakes to issue variable rate demand <br />Industrial Development Revenue Bonds ( Molin <br />Concrete Products) <br />BACKGROUND: <br />In December of 1997 the City of Lino Lakes passed a resolution indicating its <br />intent to assist in financing the Molin Concrete expansion project through the <br />issuance of industrial revenue bonds. The bonds are to finance the addition of <br />two buildings, plus the purchase and installation of additional equipment. <br />The Minnesota Municipal Industrial Development Act requires the city hold a <br />public hearing and finalize the issuance of the bonds. <br />Molin is receiving up to $3.4 million in both taxable and tax exempt bonds to <br />finance the project. <br />Industrial Revenue bonds are different from general obligation bonds in that the <br />city is under no obligation with these bonds. In addition, all costs for issuance of <br />the bonds will be paid by Molin. <br />OPTIONS: <br />1. Open the public hearing <br />2. Continue the public hearing <br />RECOMMENDATION: <br />Option 1 <br />