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<br />Councilmember Dehen: aye <br />Mayor Gamec: aye <br /> <br />Motion carried. <br /> <br />City Administrator Ulrich noted that Case # 15 also relates to the same Anderson <br />and suggested that the Council move that item earlier in the agenda. ' <br /> <br /> <br />Adopt Resolution #08-07-XXX Reciting a Proposal for an Indu trial <br />Development Project and Taking Official Action with Respect t ereto <br />Indicating Preliminary Intent to Assist the Financing of the Pro. ect Pursuant <br />to the Minnesota Municipal Industrial Development Act and C lUng for a <br />Public Hearing on the Project (Knoll Properties, LLC Project) <br /> <br />Case #15: <br /> <br />Councilmember Look stated that he wanted this taken off the Consent Agenda so staff could <br />explain this to residents so they understood what was being proposed. <br /> <br />City Administrator Ulrich stated that this would schedule a public hearing for Au st 26, 2008 at <br />7:00 p.m. to discuss the City issuing revenue bonds to finance all or a portion f the costs of <br />constructing, furnishing and equipping a project on behalf of Knoll Properties. H stated that the <br />aggregate principal amount of the proposed Bonds would be $6,000. He stated at there would <br />be very limited liability on behalf of the City and the City has issued similar bond for PACT and <br />Panther Precision Tooling and noted that this i~ not a general obligation bond. <br /> <br />Councilmember Look asked for further explanation about what "limited liability" <br /> <br /> <br />City Administrator Ulrich stated that the interest will be payable only from the re enues pledged <br />to the payment. <br /> <br />City Attorney Goodrich noted that these details will be discussed that the public h aring. <br /> <br />Councilmember Look asked if this could affect the City's bond rating. <br /> <br />City Attorney Goodrich stated that he did'not think it affected bond ratings. <br /> <br />Motion by Councilmember Look, seconded by Councilmember Strommen, to A opt Resolution <br />#08-07-130 Reciting a Proposal for an Industrial Development Project and aking Official <br />Action with Respect thereto Indicating Preliminary Intent to Assist the Financin of the Project <br />Pursuant to the Minnesota Municipal Industrial Development Act and Callin for a Public <br />'Hearing on the Project (Knoll Properties, LLC Project). <br /> <br />Motion carried. V oting Yes: Mayor Gamec, Councilmembers Look, Strommen Dehen, Elvig, <br />Jeffrey, and Olson. Voting No: None. <br /> <br />City Council! July 22, 2008 <br />Page 12 of 23 <br /> <br />P40 <br />