1990.03.05 CC Minutes - Laserfiche WebLink

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City Counc.i.l meeting of March r, 1990 Pace 4 9. Hazardous materials identification and locations must_ be maintained of fi..le in the office of the City's volunteer fire department at all times in conformance with Minnesota Statutes. 10. Failure to adhere to the site plan and special conditions container) in this approval may be grounds for revocation of said approval. 1.1.. Applicants shall install a water meter to determine water consumption, from on-site well. 12. All signs on site shall be in compliance with City regulations. 13. All outside storage shall be enclosed by a wooden fence as indicated on the submitted site plan. All ave. Motion Carried. INDUSTRIAL DEVELOPMENT REVENUE FONDS REQUEST In conjunction, with the site plan approval, Mr. George Crockett III is formally requesting that the City Council consider endorsement of the issuance of industrial development revenue bonds for the financing of improvements and upgrading of facilities for Phototech Products and Dyna Glass (5100 - 130th Street North, Hugo, MN). The City Council was provided with a prospectus on the proposal in question. Of particular interest to the Council may be the last section dealing with the benefits anticipated as a result of this proposal. It is the intent of the applicants to work: through the Washington County Housing and Redevelopment Authority and secure a funding allocation from the State of Minnesota for the issuance of these bonds. The City Council was provided with a sample Joint Powers Agreement that the City would be required to enter into if these bonds are to be issued. The advantage of using this type of financing is the reduced interest rate available in today's market. This financing can be done without any commitment by the City of Hugo to the retirement of these bonds. The Joint Powers Agreement is temporary in nature and is only in effect until the bonds have been issued and the project is complete. Note Sections 5 & 6 of the sample_ agreement. if the City Council is desirous of proceeding with this request:., the appropriate action would be to refer the Joint Powers Agreement to the City Attorney and City Staff for review and recommendations to the City Council. The Council would then approve the Joint Powers Agreement at an upcoming meeting at which time the paperwork: would be turned over to the Washington County Housing and Redevelopment Authority for processing. Councilman McAllister asked that City staff research what affect a default on the bonds would have on the City's bond rating. Atkinson made motion, Olson seconded, that the City Council endorses the issuance of industrial development revenue bonds for the financing of improvements and upgrading of facilities for Phototechi Products and Dyna Glass, Inc., 5100 130th Street. The City staff is directed to prepare a. Joint. Powers Agreement between the City of Hugo and the Washington Count:.; Housing and Redc=_vel.opment. Authority for Council review and approval. All Aye. Motion Carried.