Minutes - Council - 02/08/2000 - Laserfiche WebLink

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Motion carried. Voting Yes: Mayor Gamec, Councilmembers Anderson, Hendriksen, Connolly, and Zimmerman. Voting No: None. The public hearing closed at 7:30 p.m. Council Business Mayor Gamec called the regular City Council meeting back to order at 7:30 p.m. Case #2: Amendment to Tax Exempt Note - Grosslein City Administrator Norman stated that in 1979, the City of Ramsey issued a tax-exempt revenue note (IDB) for an expansion of Grosslein Beverages. On May 23, 1995, Ramsey City Council amended this tax-exempt note for an additional five-year term beyond the initial 1/1/95 expiration, which is set to expire on 1/1/2000. On January 24, 2000, the City received another request. The only persons impacted by the issue are Norwest Bank, Grosslein and the bond holder. The request comes from Norwest and Grosslein. Therefore, no notification was necessary. City Council passage of this resolution will allow for the legal extension of a payment schedule which has previously been put into effect between the borrower and Norwest Bank. The Bond Counsel of Kennedy and Graven examined the request at the time of amendment in 1995. Councihnember Anderson inquired as to the purpose of the request and whether the issue needs to be examined again. City Administrator Norman explained that the City works as a pass-through agency. City Attorney Goodrich noted that there is no financial obligation on behalf of the City for the bond. Councilmember Zimmerman inquired if Mr. Grosslein still pays taxes to the County and School district. City Administrator Norman replied yes. Motion by Councilmember Connolly, seconded by Councilmember Zimmerman, to adopt Resolution #00-01-037 (upon favorable City Attorney review) approving amendment to the Tax- Exempt note. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Connolly, Zimmerman, Anderson, and Hendriksen. Voting No: None. City Council/February 8, 2000 Page 7 of 15