HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 09/09/1985 CITY OF KENT
ECONOMIC DEVELOPMENT CORPORATION
September 9, 1985
A special meeting of the City of Kent Economic Development Corporation
was called to order at 6: 45 p.m. by Chairman of the Board Tim Leahy.
Present: BOARD MEMBERS: Tim Leahy
Tom Bailey
Berne Biteman
Leo Powers
OFFICERS: Marie Jensen, Secretary of the Board
P. Stephen DiJulio, General Counsel
ALSO PRESENT: Richard Cushing, City Administrator
Nancy Neraas of Preston, Thorgrimson
Noel Brandon of Elder Equipment Company
DiJulio noted that Resolution 1985-28 has been prepared to amend the
Industrial Development Revenue Bond Policy and Eligibility Standards
with respect to the annual fees for bonds. The change provides that
the annual fee for any year shall not exceed an amount equal to one-
eighth of one percent of the outstanding principal amount of the
bonds for such year. Adoption of the resolution is a precondition of
the Elder Equipment approval, to follow.-
Bailey moved to adopt Resolution 1985-28. Biteman seconded and the
motion carried.
Elder Equipment, Inc.
Preston, Thorgrimson, Bond Counsel for Elder Equipment, Inc. has
prepared Resolution 1985-29 authorizing the issuance of the Corporation' s
bonds in the amount of $1,300, 000. Nancy Neraas noted that the money
would be loaned to a trust. The trust, which owns the land, will then
lease the project to Elder Equipment. Elder, a Colorado company, will
then move its headquarters to Kent from Colorado. Noel Brandon, of
Elder explained that the new facility would be located at 8810 S. 208th
consisting of 15,000 sq. ft. , and briefly described the operation as
the manufacture of customized truck-mounted hydraulic operated equip-
ment.
Biteman moved to adopt Resolution 1985-29. Powers seconded and the
motion carried.
It was noted that Rainier Bank is financing the project and will
purchase the bonds for their own account.
There was no further business and the special meeting was adjourned
• at 6: 55 p.m.
Marie Jen �, Cit�yClFerk
Secretary of the Board