80-037 RES ,
M E M O R A N D U M/ ,
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TO: MAYOR AND CITY COUNCIL
FROM: CITY ADMINISTRATOR
DATE: OCTOBER 30, 1980
SUBJECT: RON' S `'STAR MARKET 'INDUSTRIAL REVENUE' BOND
Enclosed is a copy of the final resolution which the City Council
must adopt in order to complete the industrial revenue bond issuance
for Ron' s Star Market .
Since the City Council ' s last consideration of the industrial revenue
Bond issue, no changes of any significance have been made in the issue.
It is my understanding that representatives for the project will be
present at the Monday night meeting to address questions which the City
Council may have.
The final resolution which the City Council will adopt completes the
City' s part of the industrial revenue bond issue, and authorizes the
Maya and City Administrator to enter into the necessary agreements
and documents required, under the program put together by the develop-
er ' s attorney , Briggs and Morgan. The documents to which the City of
Elk River is a party, have been reviewed and approved by the City's
Attorney as of this date. These documents are referred to in the final
resolution, and because of the tremendous amount of paper they represent ,
they hav,e ,sot . • - . - _ - ounce s • "
It is r- .mmend.ed that the Elk River City Coi._ncil adopt Resolution --
80-37, authorizing a project under the Minnesota Municipal Industrial
Development Act , and the issuance of commercial development revenue
bonds to finance the prn j eo t , in-the aunt cf $1, 060;0 _-arid- that.-_..—
/the Council empower the Mayor and City Administrator to enter into
the various agreements required for the project , on behalf of the
City of Elk River.
Respectfully Submitted,
Robert C. Middaugh
41" g
City Administrator
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