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, M E M O R A N D U M/ , Po 3 * * * * * * * * * * TO: MAYOR AND CITY COUNCIL FROM: CITY ADMINISTRATOR DATE: OCTOBER 30, 1980 SUBJECT: RON' S `'STAR MARKET 'INDUSTRIAL REVENUE' BOND Enclosed is a copy of the final resolution which the City Council must adopt in order to complete the industrial revenue bond issuance for Ron' s Star Market . Since the City Council ' s last consideration of the industrial revenue Bond issue, no changes of any significance have been made in the issue. It is my understanding that representatives for the project will be present at the Monday night meeting to address questions which the City Council may have. The final resolution which the City Council will adopt completes the City' s part of the industrial revenue bond issue, and authorizes the Maya and City Administrator to enter into the necessary agreements and documents required, under the program put together by the develop- er ' s attorney , Briggs and Morgan. The documents to which the City of Elk River is a party, have been reviewed and approved by the City's Attorney as of this date. These documents are referred to in the final resolution, and because of the tremendous amount of paper they represent , they hav,e ,sot . • - . - _ - ounce s • " It is r- .mmend.ed that the Elk River City Coi._ncil adopt Resolution -- 80-37, authorizing a project under the Minnesota Municipal Industrial Development Act , and the issuance of commercial development revenue bonds to finance the prn j eo t , in-the aunt cf $1, 060;0 _-arid- that.-_..— /the Council empower the Mayor and City Administrator to enter into the various agreements required for the project , on behalf of the City of Elk River. Respectfully Submitted, Robert C. Middaugh 41" g City Administrator RCM/ddk