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CASE <br /> <br />ADOPT RESOLUTION GIVING PRELIMINARY APPROVAL FOR TAX <br />EXEMPT INDUSTRIAL REVENUE BONDS; CASE OF DENNIS L. SHARP <br />By: Mark S. Banwart, Community Development Director <br /> <br />Background/Observations: <br /> <br />On May 15, 1990, the City of Ramsey received documentation relating to a request for Tax Exempt <br />Industrial Revenue Bonds for Dennis L. Sharp. The request for Industrial Revenue Bonds, with <br />an estimated project value of 1.4 million will be used for the proposed 60,032 square foot office/ <br />warehouse building for Parabody, Inc. The proposed project will be located on Lot 2, Block 1 of <br />the proposed Gateway North Industrial Park Plat 4 Addition. <br /> <br />On May 22, 1990, the Ramsey City Council adopted Resolution #90-05-155: Resolution <br />Approving Industrial Development Bond Project on Behalf of Ramsey Investments, Calling For <br />Public Hearing on June 12, 1990, on Issuance of Revenue Bonds, and Authorizing Submission of <br />Application for Bond Application. <br /> <br />On June 4, 1990, the application for bond allocation was granted by the Minnesota Finance <br />Department. <br /> <br />For your information, the following items are enclosed: <br /> <br />A) <br />B) <br />C) <br />D) <br />E) <br />F) <br />G) <br />H) <br />I) <br />J) <br />K) <br /> <br />City of Ramsey Resolution g90-05-155 <br />Public hearing notice (May 22, 1990) <br />Printer's Affidavit of Publication - Anoka Union (May 25, 1990) <br />Affidavit of Publication - Star Tribune (May 29, 1990) <br />Proposed Re§olution <br />Application to Department of Trade and Economic Development <br />Form of Letter from City to Department <br />Form of Letter from Borrower to City <br />Statement of Employment Preference <br />Preliminary opinion of bond counsel <br />Underwfiter's preliminary feasibility letter <br /> <br />Staff Recommendations: <br /> <br />Staff with consultation with the City's financial counsel recommends adoption of the proposed <br />resolution. <br /> <br />City Council Action: <br /> <br />Motion to adopt/not adopt resolution #90-06- : RESOLUTION GIVING <br />PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT <br />AND THE ISSUANCE BY THE CITY OF REVENUE BONDS THEREFORE ON BEHALF OF <br />RAMSEY INVESTMENTS AND PARABODY, INC. UNDER THE MUNICIPAL <br />INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING SUBMISSION OF AN <br />APPLICATION TO THE MINNESOTA DEPARTMENT OF TRADE AND ECONOMIC <br />DEVELOPMENT FOR APPROVAL THEREOF. <br /> <br />Review Checklist: <br /> <br />City Administrator <br />City Attorney <br />City Engineer <br /> <br />X <br /> <br />Project Manager X <br />Finance Officer X <br />Planning & Zoning Commission <br /> <br /> <br />