Laserfiche WebLink
<br />. . .. <br /> <br />-. <br /> <br />~ <br /> <br />~. <br /> <br />~ <br /> <br />. <br /> <br />MINUTES OF REGULAR COUNCIL MEETING <br />Village of Arden Hills <br />Monday, April 29, 1974 - 8:00 p.m. <br />V I I I age Ha I I <br /> <br />Ca II to Order <br />The meeting was called to order by Mayor Henry J. Crepeau, Jr. at <br />8:00 p.m. <br /> <br />Roll Call <br />Present - Mayor Henry J. Crepeau, Jr., Councilmen Charles Crichton, <br />Stan Olmen, William Feyerelsen, James Wingert. <br />Absent - None. <br />Also Present - Attorney James Lynden, Engineer Donald Lund, Fiscal <br />Consultant Peter Popovich, Treasurer Richard O'Kelly, <br />Parks Director John Buckley, Clerk Administrator Charlotte <br />McNlesh, Deputy Clurk Dorothy Zehm. <br /> <br />AplLroval of Minutes <br />The Minutes of the Regular Counci I Meeting of April 8, 1974, were <br />approved as amended. <br /> <br />Business <br />A. <br /> <br />from the Floor: <br />Ronald Herrick, 1166 Carlton Drive, requested that <br />Hockey parents and players be permitted to use the <br />Hall on Sunday, May 19th, from 12:00 to 2:00 p.m. <br />approved the request. <br /> <br />Youth <br />Village <br />Counc I I <br /> <br />B. Industrial Revenue Bond Request - I. C. Systems <br />Mr. Roger K. \'1lnges, Juran & Moody, Inc., explained the <br />Minnesota Industrial Development Act, passed by Minnesota <br />legislation in 1967, to encourage economic development <br />within the State. He cited several communities which have <br />used this form of financing, providing a method for small <br />corporations to obtain lower cost financing; stating this <br />program has enthusiastically been endorsed by various depart- <br />ments of the State government. <br /> <br />Mr. Wlnges explained that the payments wi I I <br />by I. C. Systems, Inc., and lease Insurance <br />from Commercial Loan Insurance Corporation. <br />would the City be liable for payment of the <br />It affect the City financial statement. <br /> <br />be guaranteed <br />will be ob'tal ned <br />In no event <br />bonds nor would <br /> <br />Advantages for the Village of Arden Hi I Is were explained by <br />Mr. Wlnges as follows: <br /> <br />I. Indicate to other corporations the Village's <br />willingness to provide this type of financing. <br />2. Lower the cost of financing for the corporation. <br />3. Provl des a tax base for the V I II age and emp loyment <br />opportunities within the Vi I lage. <br /> <br />Mr. Wlnges explained that this form of financing was not <br />available when I. C. Systems Initially made application In <br />Arden Hi lis. (Did not Include this type of project, but <br />has been broadened since that time to Include "service type" <br />businesses.) <br /> <br />Mr. Wlnges explained that the tremendous upsurge of Interest <br />rates has prevented many smal I corporations from constructing <br />needed facilIties) Industrial Revenue Bonds help make con- <br />struction possible. <br /> <br />Mr. Peter Popovich, Village Fiscal Consultant, explained that <br />the legislation was promoted by out-state legislators to <br />protect rural Minnesota by providing employment opportunities <br />and tax base by attracting manufacturing, agricultural and <br />fabrication corporations to various out-state communities. <br />He stated that we have only two or three years' experience <br />with this form of financing, but in this time he knows of <br />no major defaults. He said this Is a judgement decision which <br />must be evaluated by the Councl I. <br /> <br />-1- <br />