HomeMy WebLinkAbout85-047 CITY OF LAKEVILLE
RESOLUTION
Date June 17, 1985 Resolution No. 85-47
Motion by Harvey. Seconded by Nelson
RESOLUTION RELATING TO INDUSTRIAL REVENUE
BOND ISSUE (SCRAPER MANUFACTURING COMPANY)
WHEREAS, by resolution duly adopted February 4, 1985, this council
gave preliminary approval to the issuance of up to $3,000,ODU of
industrial development revenue bonds to finance a project (a 2UU,UUU
square foot manufacturing/warehouse facility) on behalf of Schaper
a
Manufacturing Company; and
WHEREAS, the council has been informed the Schaper Manufacturing
Company is, in fact, a division of Kusan, Inc., a
corporation; and
WHEREAS, the council is further informed that Kusan, Inc., because
of the limitations contained in Section lU3(b) (15) of the Code, is
considering the possible sale of the Schaper Manufacturing Company
division; and
WHEREAS, the council is desirous of inducing the construction of
the aforementioned project and retaining the present toy manufacturing
operations in the city.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Lakeville that the preliminary approval granted by the February 4, 1985,
resolution for the project and the issuance of revenue bonds therefor in
an amount not to exceed $3,000,000 is confirmed and the City hereby
expresses its present intent to proceed with the financing on behalf of
Kusan, Inc., or such other investor, partnership or corporation as may
acquire the present operations of Schaper Manufacturing Company from
Kusan, Inc.
BE IT FURTHER RESOLVED that the City does not guarantee the
availability or legal capacity to provide revenue bonds as requested
herein and reserves the right to withdraw this approval upon 3U days
notice to the applicant; and in no event shall this approval extend
beyond May 31, 1986.
APPROVED AND ADOPTED this 17th day of June, 1985.
CITY OF LAKEVILLE
BY:
Duane Zaun, M r
ATTEST•
Patrick E. McGarvey, City Clerk
•
2