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Minutes of Regular Council Meeting May 23, 1983 Page Four -new firms, with no background - how would 3-year audit requirement be applied? Other considerations would have to be evaluated. Mr. Russ Prince (Juran and Moody~ gave Mayor Woodburn copies of IRB Guidelines from 19 Minnesota cities, and circulated to Council Minnesota Industrial Revenue Bond Summary of projects in 1980 - 1983 : 1980 1981 1982 1983 (thru April) 365 projects 413 projects 266 projects 53 projects Prince noted that capital expenditures approved in April 1983 @ $69,855,000 will create 942 jobs (either new, or to remain in Minnesota); noted that a drop in population would not be healthy in Minnesota. McAllister raised a point of order, that Mr. Prince's comments were not germane to the discussion of policy guidelines; noted that Council heard the presentation at a previous meeting; to- night Council wants to consider proposed guidelines. Popovich asked Prince if he had any comments relating to any aspects of the guidelines; are they reasonable? Are the fees reasonable? Prince said the Public Investors' condition is troublesome; pro- tection for private investors can be handled by a Letter of Credit guaranteed by the bank. Prince suggested that a sliding fee schedule be a consideration, rather than 1%. Applicant may have further input, after review of the draft of guidelines. Hicks moved, seconded by McAllister that Council table action relative to the guidelines until the June 13th meeting. Motion carried unanimously (5-0). Proposed Memorial for Co~ncilmaE-1~mes Wingert Maurice Johnson presented a colored sketch of a suggested plan of the flag pole area in front of the Village Hall, consisting of railroad ties bolted together and stained to match the Village Hall, exposed aggregate, plantings and a spotlight on the flag. Johnson said a 12' high triple light is an alternative to the concealed "spot" shown on the sketch (3 "spots" on the flag and 3 "floods" on the ground area). Shirley Wingert said she and her daughter like the plan very much; suggested that a plaque be included. Johnson said he intends that a plaque be flush mounted on the timbers; if design is con- sidered satisfactory, he will take care of the mechanics and de- tails with Shirley Wingert and her daughter; suggested that most of the labor can be handled by the Public Works Department. Mulcahy moved acceptance of the proposal for a memorial for Coun- cilman James Wingert. as outlined in the drawing. Motion was seconded by McAllister and carried unanimously (5-0). REPORT OF VILLArE TREASURER DONALD LAMB Investments 5/16/83 $190,000 at First Federal @ 8.6% interest to mature 8/16/83. Hicks moved, seconded by McAllister, that Council ratify the Treasurer's report. Motion carried unanimously (5-0). -4- , ., . . . .