HomeMy WebLinkAboutgr00090_000047_pg191July 10, 1978 Page 10
John Freedman, of Briggs and Morgan, stated that he had prepared the application
and was now requesting concept approval.
Mr. Thesenga, of NASCO North Central explained that his company is a wholesaler
for welding and safety distributors, and are presently located in St. Paul with
24 employees.
Councilmember Ziebarth asked if there would be room for expansion on the lot, and
what the benefit to the City would be and if an effort would be made to employ
Mounds View residents. Mr. Thesenga replied that they would have room for expansion
on the lot and that his company is growing and has always tried to hire locally.
He added that he will be closing his St. Paul office and was not sure if all his
employees would transfer to the new location. He also stated that his annual
payroll is approximately $700,000.
Councilmember Baumgartner asked what the construction cost of the building would
be and what the size of the bond would be. Mr. Thesenga replied that construction
costs would run about $550,000 to $600,000, and that he hoped to be able to put
down 25 %, from the equity in his present building.
Councilmember Baumgartner asked what would happen to the land and building if the
owners defaulted. Attorney Meyers replied that the bank would own it.
Ken Breskee, 2280 Terrace asked who would get the tax savings. Mr. Freedman replied
that the bank would get the tax savings on the interest they make on the loan.
Mr. McCarty asked if a default would affect the City's bond rating. Attorney
Meyers replied that it should not.
Mr.Steinmueller of Midway Industrial Supply Company explained that he started his
firm in 1955 with three employees and presently has 15 employees. He stated that
they are presently located in Roseville but are running out of space. He added
that they sell and service industrial spray equipment and sell equipment to
manufacturers of fiberglass products.
Mr. Steinmueller stated that the estimated cost of his building would be $250,000 to
$300,000 and that he has already purchased the land, which will serve as a down
payment.
Mr. Freedman pointed out that both applicants will be investing a good deal of
money into the project. Attorney Meyers asked if an audited financial statement
was available for review. Mr. Thesenga replied that the only person who sees his
is his banker but that he would agree to Attorney Meyers reviewing it but would
not make it available for the public.
MSP (Pickar - Ziebarth) to give concept approval to the plan as presented tonight
on the basis of the information presented, and direct the City Attorney to review
the information and take the next steps necessary to bring the transaction along. 5 ayes
OFF -SALE LIQUOR - FRIDAY NIGHT CLOSING HOUR
Mayor Pickar reported that Rita Waste of B & R Liquor requested to have their
closing time changed from 8 PM to 10 PM on Friday nights, due to a recent change
in the State law.