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Motion by Councilmember Beahen and seconded by Councilmember Peterson to adopt <br />Resolution g95-12-273 adopting the 1996 Economic Development Authority Operating <br />Budget. <br /> <br />Motion carded. Voting Yes: Mayor Hardin, Councilmembers Beahen, Peterson, Beyer <br />and Zimmerman. Voting No: None. <br /> <br />Case #4: <br /> <br />Consideration to Award Sale of $330,000 Taxable General <br />Obligation Tax Increment Refunding Bonds, Series 1996A <br /> <br />Finance Officer Hart reminded Council that on November 17, 1995, they adopted a <br />resolution providing for the issuance and sale of $330,000 Taxable General Obligation Tax <br />Increment Refunding Bonds, Series 1996A. The bids came in substantially lower than <br />anticipated. She introduced Mr. Thistle of Springsted. <br /> <br />Bob Thistle, Springsted, stated that we did have good bids. With an interest rate of 7%, <br />we would save about $38,000 in interest. The low bid came in from John G. Kinnard with <br />a savings of $53,026 and he recommended awarding the bid to Kinnard. <br /> <br />Ms. Hart announced that the City had again received an A-1 rating from Moody's. <br /> <br />Mr. Thistle reported that the Federal Government has changed again. From now on, every <br />bond issue you do will have to have a bond disclosure; however, that does not affect this <br />particular bond issue. <br /> <br />Motion by Councilmember Peterson and seconded by Councilmember Beyer to adopt <br />Resolution g95-12-275 awarding the sale of $330,000 Taxable General Obligation Tax <br />Increment Refunding Bonds, Series 1996A, to John G. Kinnard & Company Incorporated <br />at a 6.3348% true interest rate. <br /> <br />Motion carded. Voting Yes: Mayor Hardin, Councilmembers Peterson, Beyer, Beahen <br />and Zimmerman. Voting No: None. <br /> <br />Case #5: Request for Site Plan Approval; Case of Automated E.D.M. <br /> <br />Zoning Administrator Frolik reported that Automated E.D.M. is requesting site plan <br />approval to construct a 12,576 square foot office and manufacturing facility in Business <br />Park 95. The property is located in the northwest comer of the intersection of McKinley <br />Street and Uranium Street. The site will have access onto each street. The proposed <br />project meets City Code requirements. Identification of paved and curbed off-street <br />parking, driveways, loading and maneuvering areas was erroneously omitted from the site <br />plan. E.D.M. will be supplying the City with a corrected version. <br /> <br />Doug Zoubek of E.D.M. stated that they are a manufacturing facility specializing in electric <br />discharging machining and that they build for the national market. <br /> <br />Motion by Councilmember Peterson and seconded by Councilmember Beyer to grant site <br />plan approval to Automated E.D.M. <br /> <br />Motion carded. Voting Yes: Mayor Hardin, Councilmembers Peterson, Beyer, Beahen <br />and Zimmerman. Voting No: None. <br /> <br />City Council/December 12, 1995 <br /> Page 6 of 17 <br /> <br /> <br />