HomeMy WebLinkAbout8.b. Associated Wood Products: Set Date of Public HearingCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: Nov. 6, 2001
AGENDA ITEM: Associated Wood Products: Set
AGENDA SECTION: Old Business
Date of Public Hearing
PREPARED BY: Jim Parsons
AGENDA N ,
Community Development Director
ATTACHMENTS: None
APPROVED BY.
Background
Per Council authorization, Associated Wood Products has submitted an application for a proposed
loan from the City of Rosemount, which would be capitalized by the Minnesota Investment Fund. The
company has also deposited $5,000 with the City to cover the costs of the City's legal and financial
review of the application. (Peoples Natural Gas/Utilicorp has verbally committed to donate $3,000 to
the City to defray its costs relative to this project.) Springsted, Inc., has agreed to undertake the
financial review of the application; the legal review would be done by the City Attorney. The
professional reviews are expected to take up to three weeks.
The company has proposed a loan of $160,000 at 4% interest for ten years. Payments on the loan
would be approximately $1,620 per month or $19,400 per year. The state program requires cities to
use the loan payments to make loans to other businesses for the purpose of creating jobs, with a
priority on manufacturing jobs.
Staff requests that the City Council authorize the review of the application by Associated Wood
Products and set a public hearing date of December 4 for the application, provided that the legal and
financial reviewers' reports are available for inclusion in the City Council's packet for that date.
A
Authorize the legal and financial review of the application by Associated Wood Products and set a
public hearing date of December 4 for the application, provided that the reviewers' reports are
available for inclusion in the City Council's packet for that date.
CITY COUNCIL ACTION: