HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 12/14/1984 CITY OF KENT
ECONOMIC DEVELOPMENT CORPORATION MEETING
December 14, 1984
The meeting of the Kent Economic Development Corporation was called to order
at 8:00 a.m. by Chairman of the Board, Tim Leahy.
Present: BOARD MEMBERS: Councilman Tim Leahy, Chairman
Councilman Tom Bailey
Councilman Berne Biteman
Leo Powers
Mike Miller
OFFICERS: City Attorney P. Stephen DiJulio, General Counsel
Finance Director Tony McCarthy, Treasurer
Bill Tonkin of Roberts and Shefelman, Bond Counsel
City Clerk Marie Jensen, Secretary
Tonkin noted that the documents for the H & H Corporation (Continental Mills)
were not yet complete. He determined that it might be possible for the City
Council to act on the H & H matter at the special Council meeting to be held on
• December 28.
DiJulio noted that a special meeting of the City Council would be set for
December 28 at 9:00 a.m. for consideration of the Northwest Aluminum application
and that H & H could be addressed at the same meeting. It was determined that H
& H could be scheduled for the special meeting in case their documents were
ready at that time.
It was determined by DiJulio that the City Council would have a quorum for that
meeting. Upon questions from the Board, Tonkin noted that this Board had to
approve the Bond Resolution before the matter was taken to the City Council for
approval . It was determined that this Corporation would meet one week from
today on December 21 , 1984 at 8:00 a.m. and that H & H would be informed that in
order for the Board to adopt the Bond Resolution, the documents would have to be
in order by that date. It was noted that if all was in order, the closing for
the bonds for H & H would have to be by December 31 , in order for the
transaction to be completed in 1984.
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Tonkin announced that a preclosing meeting for the Associated Grocers' Bonds had
been set for December 17, and that the bond closing would be on December 18,
1984. Tonkin explained Resolution 1984-13, approving the financing documents
for Associated Grocers and including the Roberts and Shefelman legal opinion
that the bonds would be tax exempt. The resolution also gives authorization for
the Chairman of the Board and the Secretary of the Board to execute the required
documents. Miller moved to adopt Resolution 1984-13, Bailey seconded and the
motion carried.
Upon McCarthy's question, Tonkin noted that the bonds would be placed with the
Daily Taxfree Income Fund, Inc. and that it could be held by this firm for some
time.
It was pointed out that the Kent City Council would be approving two resolutions
on Monday, December 17, 1984 relating to the Associated Grocers' Bonds.
There was no further business for this meeting and the meeting was adjourned
• until Friday, December 21 , 1984 at 8:00 a.m.
Marie Jens , City erk
Secretary
• 24C-IC