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CC 11-08-1984
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CC 11-08-1984
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<br /> --------.-- ---- ----- <br /> . .. ~ '\ <br /> Minutes of Special Council Meeting <br /> Thursday, November 8, 1984 - 8:00 p.m. <br /> Page Two <br /> Deans reported that the applicant has submitted the breakdown as <br /> to the use of the financing proceeds; noted that it is not the entire <br /> amount that will be spent on this project; it is just the way the <br /> proceeds will be used; costs will be closer to $500,000 - $525,000 <br /> In addition, all City expenses not specified, will be part of that <br /> $400,000, including the City Administrative Fee in the amount of <br /> $5,000. and ~npaid assessments pending on the facility will have <br /> to be ascertained and paid at the time of closing. Proposed <br /> financing is over a ten-year term commencing December 15, 1984. <br /> Deans reported that the applicant has submitted a projected <br /> annual budget and projected beginning balance sheet for the project . <br /> for the City's review. <br /> Deans said we have received a feasibility letter from Price Consult- <br /> ing stating that the project is economically feasible and the <br /> revenue bonds can be successfully issued and sold. Deans said it <br /> is his understanding that we will be receiving, in the ftext few <br /> days, a feasibility letter from a financial institution stating <br /> that it would be willing to purchase the bond or note. <br /> Deans said, if the project is of the type of construction for which <br /> the City wishes to utilize this financing, then he makes the <br /> recommendations as specified in his report of 11/8/84: <br /> (a) A 1 ega 1 opinion relating to the title of the property <br /> should be supplied prior to the time of closing. <br /> (b) A personal and corporate guaranty of payment by the <br /> applicant and his corporation is recommended. <br /> (c) The City Clerk-Administrator and staff should review <br /> whether any significant City expenditures will be required <br /> for any sewer, utility, street or other improvements and, <br /> if so, all of the costs thereof. A determination should <br /> be made as to the time frame and method of financing <br /> these improvements, including the review of any developer <br /> agreements which may be necessary. All connections to <br /> existing improvements should be paid for by the applicant <br /> as well as any connection or hook-up charges in compliance <br /> with City ordinance. Any existing or pending assessments <br /> to the property where the project equipment and fixtures <br /> are to be installed should also be paid at closing. <br /> (d) All costs of the City and its agents, as well as all other <br /> attributable costs .of the financing should be paid at the <br /> time of closing. The City Administrative fee should also <br /> be paid at closing. <br /> (e) If a 1% deposit is necessary to retain the City's indust- <br /> rial revenue bond authority allocation for this project. <br /> the applicant should provide the necessary funds. <br /> Deans said if the project receives preliminary approval tonight. <br /> a $10,000 refundable deposit will be paid tomorrow; noted that the . <br /> applicant has already paid the 1% deposit for this project to go to <br /> the State; reported that the City has received notice from the State <br /> that his allocation from the competitive pool, in the amount of <br /> $400,000 has been approved. If the Preliminary Resolution, before <br /> the Council tonight, is approved, the application materials will <br /> then be signed by the Mayor and Clerk Administrator and submitted <br /> to the Energy and Economic Development Authority for its approval; <br /> when the project terms are finalized, the project will be brought <br /> back before the Council for its final approval, before the bonds <br /> are issued. for consideration of the details of financing. <br /> Written or Telephone Comments <br /> McNiesh reported that none have been received. <br /> \../-- <br />
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