2001.09.05 CC Minutes - Laserfiche WebLink

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City Council meeting of September 5, 2001 Page 7 and reduce the letter of credit to $5,250, which is 20% of the construction cost rather the required 25%. All aye. Motion Carried. The Sparrows also requested a reduction in their escrow for the project, and Finance Director Ron Otkin had no problem with the request. Miron made motion, Haas seconded, to reduce the $800 escrow amount for the Sparrow Crest development to $200, once any outstanding claims against the project are paid. All aye. Motion Carried. SCHEDULE LAND USE PLANNING WORKSHOP WITH PLANNING COMMISSION At its July 16, 2001 meeting, the Council directed staff to bring back a proposal to Council for a land use -planning workshop that would involve the Planning Commission, City Council, and interested residents. Staff researched this issue and presented a proposal from consultant Charleen Zimmer, from the firm of Zan Associates. Haas made motion, Munn seconded, to schedule a land -use planning workshop for November 17, 2001, City Hall, between 9:00 am and 2:00 pm, which would involve the Planning Commission, Council, and interested residents. All aye. Motion Carried. MN UNION BUILDERS (INDUSTRIAL REVENUE BONDS PROPOSAL) Staff met with an official from MN Union Builders last week to discuss their proposed facility in the BEIP. The official informed staff that the closing for the purchase of the property from the Jackson had just fallen through because an investor had backed out of the development proposal at the last minute. The official informed staff that he was aware of a program through the Minnesota Finance Agency whereby MN Union Builders could obtain financing/funding through the use of industrial revenue bonds, which typically need to have a local sponsor in order for the business to make application to the program. The bonds would help finance the acquisition, construction, and equipping of a new 93,000 sq ft manufacturing facility in the City. Previously, the City assisted Nor -Lakes in obtaining tax exempt issuance authority, which is identical to what MN Union Builders would like to do. Staff reviewed the opportunity with bond counsel Mary Ippel from Briggs and Morgan, and recommended Council approve the resolution giving MN Union Builders preliminary approval to apply for industrial revenue bonds. The developer will be responsible for all the City's costs in assisting in this issuance. Miron made motion, Petryk seconded, to adopt RESOLUTION 2001-51 RECITING A PROPOSAL FOR AN INDUSTRIAL DEVELOPMENT PROJECT GIVING PRELIMINARY APPROVAL TO THE PROJECT PURSUANT OT MN STATUTES, SECTION 469.154 AND AUTHORIZIGN THE SUBMISSION OF AN APPLICATION FOR ALLOCATION AND FOR APPROVAL OF THE PROJECT TO THE DEPT OF TRADE AND ECONOMIC DEVELOPMENT AND FOR PREPARATION OF NECESSARY DOCUMENTS (MN UNION BUILDERS).