Laserfiche WebLink
REQUEST FOR ACTION <br />To Item Number <br />Ci Council 3.5. <br />Agenda Section Meeting Date Prepared by <br />Consent August 4,2008 Catherine Mehelich, Director of <br /> Economic Develo ment <br />Item Description Reviewed by <br />Consider Resolution Authorizing the Issuance and Sale of Tim Simon, Finance Director <br />Industrial Development Revenue Bonds for Metal Craft Reviewed by <br />Machine & Engineering, Inc. Project Lori ohnson, Ci Adminstrator <br />Action Requested <br />Adopt the attached Resolution Authorizing the Issuance and Sale of Industrial Development Revenue <br />Bonds fox Metal Craft Machine & Engineering, Inc. Project. <br />Background/Discussion <br />In accordance with statutory requirements, the City Council held a public hearing on July 7, 2008 and July <br />21, 2008 to consider a request for Industrial Revenue Bonds for the Metal Craft Machine & Engineering, <br />Inc. Project. In addition, the Council adopted a resolution granting preliminary approval of the project. <br />The resolution authorizes the issuance and sale of the bonds in two parts - <br />• Series 2008A - $1,000,000 to finance equipment <br />Series 2008B - $4,000,000 to finance the construction of the new industrial facility <br />The bond documents have been reviewed and approved by the City's Bond Counsel, Briggs & Morgan. <br />The attached resolution grants final approval for the issuance and sale of the bonds for the project. <br />Financial Impact <br />There will be no impact to the City since this request is fox a revenue bond (conduit financing) with the <br />City not having to pledge any considerations towards debt payment. In addition, Metal Craft has paid an <br />initial $5,000 application fee, the City will require an issuance fee of 1/a of 1%, and all out of pocket <br />expenses for legal fees to underwrite the bond will be paid fox by the applicant. <br />Attachments <br />Resolution 08- Authorizing the Issuance and Sale of $1,000,000 Industrial Development <br />Revenue Bond, Series 2008A and $4,000,000 Industrial Development Revenue Bond, Series <br />2008B (Metal Craft Machine & Engineering, Inc. Project) to Finance a Project <br />Action Motion by Second by Vote <br />Follow Up <br />S:\Industrial Siting\Metal Craft\IDB\8.04.08 Request Council Action metalcxaftdoc <br />