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, . " Minutes of Regular Council Mee tin g Monday, October 31, 1983 Page Two It was noted by Woodburn that the basis for the arsenal location for ball fields is resident opposition to league play in neighborhood parks. Tooke r s ugges te d a facility similar to that in Cummings Park, which he des cribed as a "magnificent facility" . Adele An de rs on, Park Committee member, asked if the Committee will be given an opportunity to respond to the report and to d is cuss the re commendati ons wi th Mr. Tooker. Council accepted Mr. Tooker's rep art; e xpres sed its appreciation . to Mr. Tooke r for the evaluation, and referred the report to the Parks and Recreation Committee for study and comments to Counci 1. Industrial Revenue Bonds for Arden Hills' Business Center, Woodbridge Properties , Inc. Council was re fe rre d to draft of Industrial Revenue Financing Application Requirements for Arden Hills Business Center, which Bond Counsel Deans said he and Clerk Administrator McNiesh, propose for Council's consideration. Dean's explained that even though general guidelines have not been adopted for Industrial Reven ue Financing, .he feels Council should at Ie as t adopt application requirements for this specific project, which he des cri be d as standard requirements for application. Deans repo rted that Woo db ri dge has submitted most of the requi remen ts already. In discussion of the Application Req ui remen t s and Application Form, it was noted by De ans that the pcoject involves 3 phases; and the re fore 3 public hearings are requi re d and 3 applications. Deans explained that the amoun t of non-refundab Ie cash payment and the amount of cash deposit for administrative and consulting costs are a Council determination; the $5,000 and $10,000 are suggested amounts, and are the fees charged by some neighboring cities. Deans explained that specific fee requirements should be adopted; noted that a fee can be waived by Council for specific projects, if Council determines to do so. (Section 2 - Other Conditions) Deans explained that all required repo rts on the project, e. g. feasibility study, will be submi t ted to Council prior to the public hearing by the various consultants; noted that the City has the ri gh t to designate the bond counsel, and other consultants, and to emp loy desired le gal, accounting, engineering, etc. consultants to review the project; noted that the cos t for such consultants is paid by the applicant. Mr. Russell Prince, Juran and Moody, explained that an in-depth analysis will be made by the financial institution providing the Letter of Credi t; there wi II neve r be a loss on it. In explanation of lIequity" and IIguarantee" (Section 2(e) and (f)) , Prince said 'equity' allows the City to require the Letter of Credit for security;'guarantee' is when a project has IIgone bad. " . Mulcahy suggested that the application requirements be a Hpermissivell type document; suggested "may" in all cases" rather than "shall" . In explanation of the "hold harmless" requirement (section 2(h)) De ans said this is another assurance to alleviate the litigation problem, which is standard procedure; noted that his office will require the "hold harmlessll; explained it applies to items occuring before the bonds are issued. (Section 2(k) No As s ignmen t. Deans explained that this prevents the sale of the applicant's rights to anyone else.