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I <br />! <br />I <br />I <br />I <br />I <br />I <br />I <br />i <br />I <br />I <br /> <br />CASE # <br /> <br /> AMI~_NDMENT TO TAX EXEMPT NOTE - GROSSLEIN :By: Ryan R. Schroeder, City Administrator <br /> <br />Background: <br /> <br />The only person~ impacted by this issue is Norwest Bank, Grosslein and the bond holder <br />and the request Icomes from Norwest and Grosslein. Therefore, no notification is <br />necessary. <br /> <br />In 1979, the City,of Ramsey issued a tax-exempt revenue note (IDB) for an expansion of <br />Grosslein Beverages. On Monday, May I5, 1995, we were asked to allow for the <br />extension of this hote for an additional five-year term beyond the initial 1/1/95 expiration. <br />On May 16, 199~, we received the attached request, legal opinion (draft) and authorizing <br />resolution. <br /> <br />Council passage 4f this resolution (including amendment noted as Exhibit A) will allow for <br />the legal extens'_fian of a payment schedule which has previously been put into effect <br />between the bort~ wet and Norwest Bank. A copy of these materials was forwarded to <br />Dave Kennedy a~t Holmes and Graven (our bond counsel). At this time ! have not yet <br />spoken to Mr. Kehnedy about the request. <br /> <br />Council Actior~: . <br />~o~o~ to ~o~ti~o,,,~o~ ~.0~.~ ;~o~ ,~vor~ ^~to~n~y r~, ~ro~ <br />amendment to TaX-exempt Note. <br /> <br />Reviewed by: <br /> <br />City ^dministrat°r <br />Finance Officer i <br />City Attorney .~ <br /> <br />CC: 05/23/95 <br />/jmt <br /> <br /> <br />