HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 09/30/1985 (3) CITY OF KENT
ECONOMIC DEVELOPMENT CORPORATION
September 30, 1985
A special meeting of the Corporation was called to order at 6:30 p.m. by Chairman
of the Board, Tim Leahy.
Present: BOARD MEMBERS: Tim Leahy
Tom Bailey
Berne Biteman
OFFICERS: P. Stephen DiJulio, General Counsel
Marie Jensen, Secretary of the Board
ALSO PRESENT: Dick Cushing, City Administrator
George Mack of Roberts & Shefelman, Bond Counsel
Tim Leahy noted that the purpose of the meeting was to consider Inducement
Resolutions for three new applications.
1 . REYNOLDS ALUMINUM
Di Julio note tat Reynolds Aluminum has applied for Industrial Development
Bonds in the amount of $850,000 for pollution control project at the Kent
facility, part of a nationwide program to improve the wastewater treatment
systems at Reynolds' facilities. Upon questions from the Board, Stan Schendel
noted that the plans will meet all requirements of EPA and that the project was
scheduled for January 1 , 1986.
Resolution 1985-30, the Inducement Resolution for this project, prepared by
Bond Counsel , was presented. Bailey moved to adopt Resolution 1985-30.
Biteman seconded, and the motion carried.
2. HOLMAN DISTRIBUTION CENTER
Herb Clark, of the ort and office, and Robert Downie, manager of the Kent
facility, noted that the application of Holman Distribution Center, in the
amount of $40500,000 was to finance expansion and an addition to the Kent
facility. It was determined that the site preparation was underway and the
construction of the warehouse was proposed to begin in April or May, 1986.
Resolution 1985-31 , the Inducement Resolution for the this project prepared by
Bond Counselwas presented. Bailey moved to adopt Resolution 1985-31 . Biteman
seconded and the motion carried.
3. COLONIAL CEDAR COMPANY, INC.
Gary Low, Comptroller of Colonial Cedar, explained that financing in the amount
of $2,000,000 was sought to expand the existing facility in Kent.
Resolution 1985-32, the Inducement Resolution for this project, prepared by
Bond Counsel , was presented. Biteman moved to adopt Resolution 1985-32.
Bailey seconded it and the motion carried.
MEETING DATE
It was determined that the regular meeting for Thursday, October 3 would be
cancelled and that the next regular meeting would be held on Thursday,
November 7, 1985, at 7:30 a.m. , in the second floor conference room of the
Kent City Hall.
BOARD MEMBERSHIP
n answer to questions, DiJulio noted that he would prepare information on the
procedure required for filling positions on the Board. It was determined that
both Miller's and Powers' positions would have to be filled and that Bailey's
term on the Board would expire in December. Leahy's term, as a councilmember,
will also expire in December.
The meeting was adjourned at 6:50 p.m.
MAR E J E1� , City 1 erk
Secretary of the Board
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