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11 DATE. 9/10/84 <br />REQUEST-- FOR COUNCIL ACTION, <br />AGENDA SECTIONI ORIGINATING DEPT./Dl <br />Reports & Recommendations Administrationi <br />8i <br />ITEM DESCRUPT10N. <br />Advance Circu* ts <br />1 Inc, - Request IRR <br />DEPT, HEAD APPROVAJ <br />MGR. REVIEWED/ RECOMMEN;. <br />a <br />* i <br />Advance Circuits, Inc. of Roseville has made application for $5,,000.,000 <br />in industrial, revenue bonds. The bond prioceeds would be used for various <br />manufacturing and testing equipment for, use within, the building. The <br />firm is involved in the manufacturing of printed circuits, <br />The City, would be :required to apply for the use of un,allocated 'Industrial <br />I <br />development bonds, (Competitive Pool) as administered, by the State of <br />Minnesota., The, applicant is confident it will be successful 'in competing <br />for unal,l,ocated IRBs., because of the ratio, of' new jobs (110) to amount of <br />ft Ah <br />I RB financing. <br />r <br />Beginning Sieptembler 20, 1,984, and every 301 days until the end of the year, <br />the State will receive applications to the competitive pool, Before an <br />application can ble made to the competitive pool,,, the City's entitlement <br />of $627.,1000 must, be issued. The hearing for Health Resources application <br />ip 1 184. <br />is schedulled, for October 8, 19 <br />It is recommended the hearing on the application from, Advance Circuits <br />also be scheduled for October 8. Application, to the, competitive pool can <br />then ble made once the Health Resources' blonds have been "issued (if Council <br />apoives their application), <br />41 <br />COUNCIL ACTION' REQUESTED: Motion, establishing, a plubilic hearing for <br />7:30 October 8, 198,4i on Advance Circuits, <br />Inc. application for industrial revenue bonds. <br />IM <br />