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<br />4. The new owners and management appear to be well qualified and <br />should offer a high degree of service to the community. <br /> <br />Briggs and Morgan has reviewed all of the required documents and has <br />found everything to be in order. (A letter from Mary Ippel is <br />attached with respect to the firm's review). If the Council does <br />approve this bond issue, staff would recommend the following <br />conditions: <br /> <br />1. That the City be held harmless and indemnified against any <br />issuance expenses, or any potential security problems. <br /> <br />2. Final review of all bond documents should be completed by <br />Briggs and Morgan. <br /> <br />3. The City shall receive its 1% fee. <br /> <br />4. An agreement shall be formulated for payment in lieu of <br />taxes. (Assuming the proper formulation of said agreement, <br />the City Manager would be authorized to sign the agreement <br />for payment) . <br /> <br />COUNCIL ACTION REQUESTED: Motion to approve/deny Resolution giving <br />preliminary approval to a project on <br />behalf of the long term care foundation <br />and its financing under the Minnesota <br />Municipal Industrial Development Act. <br />Referring the proposal of the Minnesota <br />Department of Trade and Economic <br />Development for approval and authorizing <br />the preparation of necessary documents <br />with the aforementioned conditions if so <br />desired. <br />