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/j <br />City of <br />Elk -~.-, <br />River <br />REQUEST FO R ACTIO N <br />To Item Number <br />Ci Council 5.1. <br />Agenda Section Meeting Date Prepared by <br />Community Development July 21, 2008 Catherine M~helich, Director of <br /> Economic Develo ment <br />Item Description Reviewed by <br />Request for Industrial Revenue Bond for Metal Craft Machine & <br />Engineering, Inc. Project -Public Hearing (Continued) Reviewed by <br />Action Requested <br />Continue the Public Hearing on the issuance of Industrial Revenue Bonds for the Metal Craft Project. <br />Background/Discussion <br />In accordance with statutory requirements, the City Council opened a public hearing at its July 7, 2008 <br />meeting to consider a request for Industrial Revenue Bond for the Metal Craft Machine & Engineering, <br />Inc. Project (as described in the attachments). In addition, the Council adopted a resolution granting <br />preliminary approval of the project. <br />Since the initial public hearing notice was posted, the applicant indicated additional entities to be <br />identified as separate borrowers on the building and equipment. Therefore, it was necessary for the City <br />to continue the public hearing to July 21, 2008 in order to publish a revised public notice that formally <br />identifies the additional borrowers prior to final approval and issuance of the bonds. <br />In addition to Metal Craft Machine & Engineering, Inc., the additional potential borrowers include: <br />Mowry Properties Holdings, LLC <br />• Mowry Properties, LLC <br />Once the bond documents are drafted, the Council will be asked at a later date for final approval and <br />issuance of the bonds. <br />Attachments <br />Public Hearing Notice <br />Staff report to Council re: Industrial Revenue Bond for Metal Craft, dated July 7, 2008 <br />Action Motion by Second by Vote <br />Follow Up <br />S:\Industrial Siting\Metal Craft\IDB\7.21.08 Request Council Action metalcraft.doc <br />