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I <br /> I <br /> I <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br /> <br />I <br /> <br />CASE <br /> <br />AMENDMENT TO TAX EXEMPT NOTE - GROSSLEIN <br /> By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />In 1979, the City of Ramsey issued a tax-exempt revenue note (IDB) for an expansion of <br />Grosslein Beverages. On May 23, 1995, Ramsey City Council amended this tax-exempt <br />note for an additional five-year term beyond the initial 1/1/95 expiration, which is set to <br />expire on 1/1/2000 (Copy of Amendment No. 2 to Tax Exempt note is attached) On <br />January 24, 2000, the City received the attached request and authorizing resolution. <br /> <br />The only persons impacted by this issue is Norwest Bank, Grosslein and the bond holder. <br />This request comes from Norwest and Grosslein. Therefore, no notification is necessary. <br /> <br />Council passage of this resolution (including amendment noted as Exhibit A) will allow <br />for the legal extension of a payment schedule which has previously been put into effect <br />between the borrower and Norwest Bank. The Bond Counsel of Kennedy and Graven <br />examined the request at the time of amendment in 1995. <br /> <br />Council Action: ~(~,~ <br />Motion to adopt Resolution #00-01- pon favorable Attorney review) approving <br />amendment to Tax-Exempt note. <br /> <br />Reviewed By: <br /> <br />City Administrator <br />Finance Officer <br />City Attorney <br /> <br />CC: 02-08-00 <br /> <br /> <br />