HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 04/15/1985 (3) CITY OF KENT
ECONOMIC DEVELOPMENT CORPORATION
APRIL 15, 1985
A special meeting of the City of Kent Economic Development Corporation was
called to order by Chairman Tim Leahy at 6:30 p.m. on April 15, 1985. Proper legal
notice of the meeting has been given by the Secretary.
Present: BOARD MEMBERS: Councilman Tim Leahy, Chairman
Councilman Tom Bailey
Councilman Berne Biteman
OFFICERS: City Attorney P. Stephen DiJulio, General Counsel
City Clerk Marie Jensen, Secretary
CITY OFFICIALS: City Administrator Dick Cushing
DiJulio noted that the purpose of the meeting was to approve a Supplemental
Indenture of Trust for the Associated Grocers project. He noted that when the
project got under way, an application was made to Moody's for a rating on the bonds
to be issued by the EDC and we were advised that it would take from 60 to 90 days
for the rating to come through. Moody's has rated the bonds Aa-1, contingent
upon some minor modifications to the indenture. He noted that the modifications
have been concurred in by all of the parties involved and that the proposed amend-
ments to the Indenture must be formally approved by the Board. He pointed out
that the rating was good and that following the Board's approval, the matter
would be considered later this evening at the regular meeting of the Kent City Council.
Bond Counsel of the Corporation has prepared Resolution 1985-20, approving the
Supplemental Indenture of Trust and authorizing the execution of same by the
Chairman and the Secretary. Bailey moved for adoption of Resolution 1985-20,
Biteman seconded and the motion carried unanimously.
Bailey reported on his pursuit of information regarding the image of Kent and noted
that the matter of personnel was an important issue. He stated that Boeing had
offered to have several of their "Head Hunters" describe their process to the
Board. Bailey pointed out that the question of the community's image and the
amenities of the community were all important and that he was concerned that new
people who came to work in the area should also be interested in living in the area.
Leahy clarified that we might find ourhow the "Head Hunters" describe Kent to the
high caliber executives they seek to recruit. Biteman suggested that real estate
people might also offer information, noting the Packard-Hewlitt plant and Fair-
child in Puyallup. Bailey suggested that the Board could consider such a pre-
sentation when the EDC calendar was not so crowded.
Leahy declared DiJulio's memo, dated April 12, 1985 to be the meeting schedule
for the period of April 15 through May 6 for the Corporation and for the City
Council in matters relating to Industrial Revenue Bonds. (A copy of the schedule
has been filed with the Secretary and will be presented to the City Council later this
evening.)
There was no further business and the meeting adjourned at 6:45 p.m.
Marie Jen City Clerk
Secretary
a
OFFICE OF THE CITY ATTORNEY
DATE: April 12, 1985
TO: The Honorable Mayor, Kent City Council and
The Board of Directors, City of Kent Economic Development Corporation
FROM: P. Stephen DiJulio, City Attorney
SUBJECT: INDUSTRIAL REVENUE BOND SCHEDULE, APRIL 15 - MAY 6
April 15, 6:30 p.m. Economic Development Corporation meets to approve
supplemental indenture for Associated Grocers.
April 15, 7:00 p.m. Regular City Council meeting.
1. Approve supplemental indenture for Associated
Grocers.
2. Set special meeting date for April 22 at 7:00 p.m.
to consider application of Northwest Aluminum
Products. Set hearing and special meeting date for
April 29, 7:00 p.m. for Cascade Development
application.
3. Schedule May 6 as the TEFRA hearing for the
Brotherton-Pleas application.
April 22, 6:30 p.m. Economic Development Corporation meets to consider
Cascade Development and Northwest Aluminum Products
application.
April 22, 7:00 p.m. Council meets to approve Northwest Aluminum Products
application (immediately before regularly scheduled
workshop).
April 29, 7:00 p.m. Special hearing and City Council meeting to consider
Cascade Development Corporation application.
May 2, 7:30 a.m. Economic Development Corporation meets in regular
session. One agenda item will be Brotherton-Pleas
application.
May 6, 7:00 p.m. City Council meets in regular session to consider and
conduct a public hearing on the Brotherton-Pleas
application.
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