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AGENDA SECTION: <br />Requests & Recommendations <br />ST FOR COUNCIL <br />ORIGINATING DEPT./DIV.: <br />ITEM NO.: ITEM DESCRIPTION' <br />�? <br />Joint Powers Agreements - IRB Bonds <br />ON DATE: 9-20-84 <br />DEPT.HEAD APPROVAL. <br />MGII) REVIEWED/ RECOMMENDS: <br />At the September 10, 1984 regular meeting, Advance Circuits, Inc. requested a <br />public hearing on their application for $5,000,000 in IRB's. The hearing was <br />set for October 8, 1984. <br />Roseville's entitlement ($627,000) had previously been encumbered because of the <br />application from Health Resources. In order to respond to the application from <br />Advance Circuits, Inc. it is necessary to go either to the state Competitive Pool, <br />or to request IRB entitlements from other cities, who do not have plans to use <br />their entitlement. <br />Discussions with both Maplewood and St. Paul have resulted in a tentative agree- <br />ment which will provide $5 million in IRB entitlement between the two cities <br />($3,6000,000 from Maplewood and $1,4000000 from St. Paul). <br />It is essentially the same agreement Roseville approved with the City of Becker, <br />except each of the two cities will require their usual deposits (as Roseville does). <br />The applicant will be responsible for all deposits and expenses relating to the <br />application and agreement. <br />Action Requested: Motion to adopt a resolution authorizing the Mayor and City <br />Manager to execute an agreement with the City of (Maplewood) <br />(St. Paul) providing for the use of IRB entitlements. <br />