12/08/1997 Council Minutes - Laserfiche WebLink

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COUNCIL MINUTES DECEMBER 8, 1997 Mayor Landers asked about the Elm Street realignment with respect to the Centennial Middle ool, stating that he was under the impression that the entire street had been designated MSAS. Mr. Ahrens explained that Council's resolution with respect to Elm Street designation was forwarded to State Aid for review at which point it was discovered that a portion of that street lies within the City of Blaine. The State Aid office determined that designation under those conditions was not acceptable, and offered Lino Lakes the options outlined above. Council Member Lyden informed the Chair that he wished a note passed between two Council members be read aloud to the entire group. Mayor Landers indicated that he would not make such a direction. Mr. Hawkins confirmed that such communication can remain private. Council Member Bergeson moved to adopt Resolution No. 97 - 170, as presented. Council Member Lyden seconded the motion. Motion carried unanimously. Mayor Landers declared a five-minute recess at 7:52 p.m. at the request of Council Member Lyden. The meeting was reconvened at 7:57 p.m. COMMUNITY DEVELOPMENT DEPARTMENT REPORT Consideration of Resolution No. 97 - 169 Providing for the Issuance and Sale of $4,000,000 in Industrial Revenue Bonds, Series 1998 - Ms. Divine stated that the City of Lino Lakes has received a proposal from Molin Concrete requesting that the City assist in financing a project through the issuance of revenue bonds in the amount of $4 million. The project to be financed is the addition of two buildings, plus the purchase and installation of additional equipment. Ms. Divine added that the Minnesota Municipal Industrial Development Act requires the City Council to indicate its preliminary intent to undertake the project and to issue the revenue bonds through an inducement resolution. If Molin Concrete's application is approved by the State in January, the City must hold a public hearing and finalize the issuance of the bonds. She explained that industrial revenue bonds are different from general obligation bonds in that the City is under no obligation with industrial revenue bonds. In addition, all costs for issuance of industrial revenue bonds will be paid by Molin Concrete. Mr. Wessel commented that representatives of Molin Concrete were available in the audience for any questions. He added that it is desirable to offer this type of incentive to businesses such as Molin Concrete, which has been able to qualify financially for this bonding obligation. Council Member Lyden moved to adopt Resolution No. 97 - 169, as presented. Council Member Neal seconded the motion. Motion carried unanimously. Resolution No. 97 - 169 can be found at the end of these minutes. 10