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July 10, 1978 Page 10 <br />John Freedman, of Briggs and Morgan, stated that he had prepared the application <br />and was now requesting concept approval. <br />Mr. Thesenga, of NASCO North Central explained that his company is a wholesaler <br />for welding and safety distributors, and are presently located in St. Paul with <br />24 employees. <br />Councilmember Ziebarth asked if there would be room for expansion on the lot, and <br />what the benefit to the City would be and if an effort would be made to employ <br />Mounds View residents. Mr. Thesenga replied that they would have room for expansion <br />on the lot and that his company is growing and has always tried to hire locally. <br />He added that he will be closing his St. Paul office and was not sure if all his <br />employees would transfer to the new location. He also stated that his annual <br />payroll is approximately $700,000. <br />Councilmember Baumgartner asked what the construction cost of the building would <br />be and what the size of the bond would be. Mr. Thesenga replied that construction <br />costs would run about $550,000 to $600,000, and that he hoped to be able to put <br />down 25 %, from the equity in his present building. <br />Councilmember Baumgartner asked what would happen to the land and building if the <br />owners defaulted. Attorney Meyers replied that the bank would own it. <br />Ken Breskee, 2280 Terrace asked who would get the tax savings. Mr. Freedman replied <br />that the bank would get the tax savings on the interest they make on the loan. <br />Mr. McCarty asked if a default would affect the City's bond rating. Attorney <br />Meyers replied that it should not. <br />Mr.Steinmueller of Midway Industrial Supply Company explained that he started his <br />firm in 1955 with three employees and presently has 15 employees. He stated that <br />they are presently located in Roseville but are running out of space. He added <br />that they sell and service industrial spray equipment and sell equipment to <br />manufacturers of fiberglass products. <br />Mr. Steinmueller stated that the estimated cost of his building would be $250,000 to <br />$300,000 and that he has already purchased the land, which will serve as a down <br />payment. <br />Mr. Freedman pointed out that both applicants will be investing a good deal of <br />money into the project. Attorney Meyers asked if an audited financial statement <br />was available for review. Mr. Thesenga replied that the only person who sees his <br />is his banker but that he would agree to Attorney Meyers reviewing it but would <br />not make it available for the public. <br />MSP (Pickar - Ziebarth) to give concept approval to the plan as presented tonight <br />on the basis of the information presented, and direct the City Attorney to review <br />the information and take the next steps necessary to bring the transaction along. 5 ayes <br />OFF -SALE LIQUOR - FRIDAY NIGHT CLOSING HOUR <br />Mayor Pickar reported that Rita Waste of B & R Liquor requested to have their <br />closing time changed from 8 PM to 10 PM on Friday nights, due to a recent change <br />in the State law. <br />