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, Minutes of Special Council Meeting May 2!, f974 Page three are st�ll wide open to all profit or non-profit producing agencies; suggested that philosophical questions as to the City'S policy on lndustrial Revenue Bonds be deferred unttl the new material can be revtewed. � • Council decided to hear the !. C. System�s proposal; noted that Cou�cil�s �eactlo� previousiy has been negative based on the purpose of C�apter 474, which fs to promote the welfare of the state by attrattion, encouragement and development of economically sound development proposals upon land considered to be blighted or marginal; Crlchton said he felt that Rrden Hiiis� properties� are not in this category. Hanson disqualified himself from the discusston and vote because of his 3M affiliation �vith one of the appiicants. Mr. Andrew Merry, Juran and Moody, reviewed the I. C. Systems, inc. application for Arden Hiils' approval of a Resolution givtng preliminary approval to issuance of a commercial development revenue note or bond for Tts expa�sion project for an amou�t not to exceed $5,OQ0,000. Merry noted that the number of employees is anticipated to double with the expansion; current number ot employees is about 200. Merry expfained that note would be placed with a maJor Sav(ngs and Loan, insurance company, or simi- lar private placement and not avaflable to purchase by an indlvbdual person at any t�me; explafned that the interest savings wouid be about 3$; noted that the company must expand; are now renting space for their overflow. • John Erickson, Exacutive Vice President, 1. C. Systems, and Architect Bob Walsh, explained the highitghts of the proposed project; explai�ed that the plans have been reviewed by City Planner Miller for ordinance compilance. Erickson said they de- sire •to remain in Arden Hilis and need the reduced intereST rate tn order to expand their facilities; want to expand in most economical Nay possible. In discusston, Council expressed some concern re adequacy of the proposed parking; queried tt�e perman�ncy of i. C. SysTems in Arden Hf19s after expansion; queried ff the philasophy of the company has changed since 1972 when existing building was built to at9ow for company's 25 year growth; the intent of Chapter 474 is to prevent blighted land and economic deterioration, not Intended to serve a busTness function, feels there are areas that need heip, but not Arden Hills area. Crich�ton moved, seconded by Wingert, that Counci! deny �. C. Sysfem's request for approval of RESOLUTBON RECITiNG A PROPOSAL FOR h COMMERCBAL DEVELOPMENT PROJECT AND GlVING PRELBMINARY APPRD'JAL TO THE PROJECT PURSUANT TO MINNESOTA STATUTES ANO AUTHOR9ZlNG THE SUBMISSlON OF AN APPLICATION FOR APPROVAL OF SA9D S'ROJECT TO THE COMMISSIONER OF SECURBTIES OF THE STATE OF MiNNESOTA ANO AUTHORBZlNG THE PREPARATION OF NECESSARY �OCUMENTS ANO RGLATED MATTERS IN CONNECTION WiTH SAB� PROJECT. Motio� carric�d (Crichton, Wingert, Woodburn vofiing in favor of the mo- tion; Hanson abstained). (McNiosh aas requested to deduct Cfty°s oxpe�ses from the E1.000 depostt and to refund the balance to 1. C. Systems.) REPOR"f OF VILLAGE TREASURER DONALD LAMB Inves-tments 5281,1l5.25 for 3 months, at Northwestern Natto�al Bank, matur- ing August 16, 1979, at 10.25� interest. Hanson moved, seconded 6y Wingert, that Councfl ratify the Treas�irer's dnvestment. Motion carried unanimously. -3-