02/10/1997 Council Minutes - Laserfiche WebLink

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• • COUNCIL MINUTES FEBRUARY 10, 1997 issuance of revenue bonds in the principal amount of $6,000,000. The project being financed is the 138,400 square -foot manufacturing facility located on 20 acres in the Clearwater Creek Development Center. The Taylor Corporation applied for the allocation in December 1996 and the Department of Trade and Economic Development has notified them its allocation will be approved. The Minnesota Municipal Industrial Development Act requires that the City Council facilitate the issuance of these tax exempt bonds and hold a public hearing. Mr. Wessel recommended the Council hold a public hearing. Mayor Landers opened the public hearing at 7:22 p.m. Mr. Wessel introduced Joe Glenn, Vice President of Norwest Bank of Minnesota. No one else appeared to address this item. Council Member Kuether moved to close the public hearing at 7:23 p.m. Council Member Lyden seconded the motion. Motion carried unanimously. CONSIDERATION OF RESOLUTION 97 - 19, AUTHORIZING ISSUANCE OF $6,000,000 VARIABLE RATE DEMAND INDUSTRIAL REVENUE BONDS, SERIES 1997, AND AUTHORIZING EXECUTION OF VARIOUS DOCUMENTS Mr. Wessel explained the proposed resolution completes the City's commitment to facilitate the issuance and sale of tax increment industrial revenue bonds for the Taylor Corporation project in the Clearwater Creek Development Center and authorizes execution and delivery to the City of the loan agreement and other documents between the City and the trustee, Norwest Bank Minnesota. Council Member Kuether moved to adopt Resolution No. 97 - 19. Council Member Neal seconded the motion. Motion carried unanimously. Resolution No. 97 - 19 can be found at the end of these meetings. ENGINEER'S REPORT, DAVE AHRENS Consideration of Resolution 97 - 07, Otter Lake Service Road - Order Improvement and Preparation of Plans and Specifications (4/5 vote) - Mr. Ahrens explained that at the January 27, 1997, Council meeting, staff was directed to meet with the property owners adjacent to the Otter Lake Service Road project to discuss options to improve the road alignment by straightening it. In order to keep the service road straight, and maintain a desirable separation distance between Main Street and the service road, it is necessary that Richard Schreier sell a portion of his land to Joan Tschida to maintain road frontage along Tschida's property. Mr. Ahrens advised staff met with Joan Tschida and Jim Coen, developers of the proposed gas station and restaurant project, and Richard Schreier numerous times to discuss options to accomplish this goal. He stated he is not aware of any firm commitments being made. PAGE 6