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CASE # 7 <br /> <br />ISSUANCE AND SALE OF INDUSTRIAL DEVELOPMENT REVENUE BOND <br />(KNOLL PROPERTIES, LLC PRCJECT), SERIES 1999A <br /> By: Cindy Sherman, Community Development Director <br /> <br />Background: The City has previously agreed to work with Knoll Properties on thc issuance of <br />Indusirial Revenue bonds to assist in financing their relocation to the City of Ramsey. The City <br />took action on December 8, 1998 to show intent of supporting this project in order to facilitate <br />their ability to make application to the State for eligibility for funding from this pool of bonds. <br />The City held a public hearing on March 9, 1999 au~.horizing the sale of the bonds and now the <br />Council is requested to approve the issuance and sale of the bonds. <br /> <br />The City acts as the agent of the bonds but they are not general obligation bonds and they do not <br />require a referendum nor do they pledge the full faith and credit of the community. <br /> <br />Observations: The package for action on this item includes sever~ agreements and related <br />documents that are quite extensive and are not included with the case. They are available at City <br />Hall for review. ':' <br /> <br />Recommendation: <br />bond. <br /> <br />Council Action: <br /> <br />To adopt resolution 99-04-XXX authorizing the issuance a_nd sale of the <br /> <br />Motion to adopt resolution 99-04-XXX authorizing the issuance and sale of $4,500,000 <br />Industrial Development Revenue Bond (Knoll Properties, LLC Project), Series 1999A. <br /> <br />Review Checklist: <br />City Administrator <br /> <br />CC: 4/27/99 <br />g:\users\cindy\bond.doe <br /> <br /> <br />