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ITEM 4.8 . <br />ety of MEMORANDUM <br />Elk• TO: Mayor & City Council <br />River <br />FROM: Lori Johnson, Asst. City Administrato <br />DATE: December 21, 1995 <br />SUBJECT: Resolution Approving Extension <br />Agreement for Industrial Revenue <br />Development Bond (J. Morrell and John <br />Plaisted Partnership Project) <br />The City is in receipt of a second request to extend the term of an industrial <br />development revenue bond. This bond is for the J. Morrell and John Plaisted <br />Partnership project which consisted of the Coast to Coast building located <br />near the Elk River shopping center. The original issue is in the amount of <br />$400,000. Again, this bond had a 20 year amortization schedule paid over a <br />ten year term with a balloon due on January 1, 1996. <br />• Similar to the request the Council acted on at its last Council meeting, this <br />request is for a ten year extension based on the 20 year amortization <br />schedule. This resolution includes the same language as the first extension <br />resolution; similarly, this extension would have no effect on the city's bond <br />rating or outstanding indebtedness. <br />Action Requested <br />The City Council is asked to act upon the attached resolution Approving <br />Extension Agreement for an Industrial Development Revenue Bond (J. <br />Morrell and John Plaisted Partnership Project). <br />13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441 -7420 • Fax: (612) 441 -7425 <br />