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CITY OF KENT
ECONOMIC DEVELOPMENT CORPORATION
August 1 , 1985
The regular meeting of the City of Kent Economic Development Corporation was called
to order at 7:30 a.m. by Board member Leo Powers.
Present: BOARD MEMBERS: Leo Powers
Tom Bailey
Berne Biteman
OFFICERS: P. Stephen DiJulio, General Counsel
Marie Jensen, Secretary of the Board
ALSO PRESENT: Richard LaShance, Chief Financial Officer
World Wide Distributors, Inc.
MINUTES
Bai et—y moved to approve the minutes of the meeting of July 11 , 1985. Biteman
seconded, and the motion carried.
WORLD WIDE DISTRIBUTORS, INC.
It was noted that a present had received a copy of the application of World Wide
Distributors, Inc. The application, in the amount of $1 ,400,000 is for acquisi-
tion, rehabilitation and expansion of a general merchandise warehouse facility,
with office space, currently located at 8211 South 194th in Kent.
Richard LaShance noted that completion of the project was estimated to be during
the first quarter of 1986. He pointed out that a buy-out for the existing facility
was scheduled for October, 1986 and for this reason the project could be delayed to
that time. He noted, however, that an early buy-out appeared to be a possibility.
Bailey moved to adopt Resolution 1985-26, the inducement resolution for World Wide
Distributors, Inc. Biteman seconded, and the motion carried.
LaShance noted that financing would probably be through People's Bank and that he
would contact Roberts and Shefelman, bond counsel for the Corporation.
DiJulio explained the process through this board and through the Kent City Council .
There was no further business and the meeting was adjourned at 7:45 a.m.
The next regular meeting is scheduled for Thursday, September 5 at 7:30 a.m.
MARE ENSE�V., C)�tyvGer
Secretary o e Board
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