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Home My WebLink AboutCity Council Committees - Economic Development Corporation - 11/18/1985 (3) CITY OF KENT ECONOMIC DEVELOPMENT CORPORATION SPECIAL MEETING November 18, 1985 The special meeting 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 Bill Tonken, Roberts & Shefelman, Bond Counsel ALSO PRESENT: Dick Cushing, City Administrator The following were also present representing Cycles Ltd. : Deborah Cushing of Perkins, Coie; Shirley Anderson and Kathy Lynn of Rainier Bank; Lou Mills of Moss Adams, C.P.A. , John Cantalini , partner; and a representative of Ferguson Construction. COLONIAL CEDAR DiJulio noted that the bond resolution for Colonial Cedar was not ready, and at his • suggestion, Bailey moved to continue this matter to a special meeting on December 2, 1985. Biteman seconded and the motion carried. HOLMAN DISTRIBUTION DiJulio noted that the bond resolution for Holman Distribution was not ready, and at his suggestion, Bailey moved to continue this matter to a special meeting on December 2, 1985 Biteman seconded and the motion carried. CYCLES LTD. Copies of the following were distributed: the application, correspondence with Rainier National Bank, and Resolution 1985-34, the inducement resolution, in the amount of $2,500,000 for Cycles Ltd. John Cantalini pointed out that he and Terry Heller were partners in Cylces Ltd. and that they both were shareholders in Seattle Bike Supply, a corporation. It was determined that Cycles Ltd. is a distribution operation involving no manufacturing. DiJulio noted that the financial statement was available in his office. Cycles Ltd. now distributes to approximately 3,000 bike stores, employs 35-45 people, and anticipates adding 20-30 more employees. Bailey moved to adopt Resolution 1985-34. Biteman seconded and the motion carried. DiJulio noted that a TETRA hearing would be before the City Council on December 16. 16 LANDRY Bill Tonken of Roberts & Shefelman noted that the Savings Bank of Puget Sound was financing this project and had purchased the one year, fixed rate bond. He pointed out that this project was for a cross-loading dock warehouse leased by Span Alaska Consolidators. He presented Resolution 1985-35 authorizing the bonds in the amount Of $ 1,250,000. __ . Bailey moved to adopt Resolution 1985-35. Biteman seconded and the motion carried. DiJulio noted that approval of the City's resolution was scheduled for the City Council meeting tonight. NATIONAL LEAGUE OF CITIES BOOTH Cushing noted that the City of Kent Economic Development Corporation would have a booth at the N.L.C. Conference to be held in Seattle in early December. Materials used at the Kent Business and Industry Show have been depleted. He noted that Uplands Industries had agreed to share in the cost of the booth space, and he presented a list of expenses totaling $3,725.00 relating to brochures, materials, and so forth for the display booth. Bailey moved to authorize the expenditure of $3,725.00 for this purpose. Biteman seconded and the motion carried. Upon Biteman's question, it was pointed out that the artwork to redesign the Kent buttons would add to the expense. SEATTLE-KING COUNTY ECONOMIC DEVELOPMENT COUNCIL Cushing noted that he had received a request from the Seattle-King County Economic Development Council for continued support in the amount of $2,698.00 for 1986. The amount for 1985 was $2,650.00. Cushing pointed out that when the Council came into existence, they requested support from all cities. He noted that it was planned to pay this from the EDC budget as had been done in 1985. Bailey moved to approve the payment. Biteman seconded and the motion carried. Upon Bailey's question, Cushing noted that the EDC fund had a balance of approximately $20,000. He noted that monthly financial statements were prepared and that he would distribute copies at the next meeting. ACTING OFFICERS DiJulio noted that he had prepared a resolution to provide for acting officers-for the Chairman of the Board and for the Secretary. He pointed out that the Vice Chairman was authorized to act for the Chairman, and this resolution, No. 1985-36, provides for Tom Bailey to be Vice Chairman and for the Deputy City Clerk to be Acting Secretary in the absence of the Chairman or the Secretary. Biteman moved to adopt Resolution 1985-36. Bailey seconded and the motion carried. MINUTES Bailey moved to approve the minutes of the special meeting of November 4, 1985. Biteman seconded and the motion carried. - 2 - BOARD MEMBERSHIP It was noted that a vacancy (Mike Miller) exists on the Board and that it had been suggested that Walt Ramsey be appointed to fill the unexpired term. A resolution has been prepared for the City Council for tonight's meeting to consider this appointment. DiJulio noted that within a short time, the terms of Leahy and Bailey will expire, and that Powers had asked to be replaced on the Board because he is frequently out of town. It was determined that due to the Corporation's volume of business with banks and the possibility therefore of a conflict of interest, bankers were practically ruled out as prospective Board members. NEXT MEETING The Chairman requested that a special meeting be scheduled for Monday, December 2, 1985, at 6:30 p.m. in the second floor conference room, for the purpose of considering Bond Resolutions for Colonial Cedar, Holman Distribution, World- wide Distribution Center and Reynolds Aluminum. The Board concurred and the meeting date was so set. �MARI�EJENiSEN SECRETARY OF THE BOARD 0024C-01C - 3 - s EDCALC EXHIBIT Booth space including carpet, electricity tables - to be shared by Upland Industries at $800 each $ 800 Buttons (10,000) 1 ,675 Graphic Slides & Building Growth Chart 100 Reproducing target issues, Feedback forms and Organization Philosophy Statements 250 Ehhibit racks 50 CityLine Reprints (3,000) 850 $3,725 r r r Seattle-King County 1520 One Union Square r r r r r Seattle, Washington 98101 rr rrr Economic Development (206) 447-0132 irrrrr rrrr Council October 15 , 1985 Honorable Isable Hogan Hal Mayor, City of Kent 220 Fourth Avenue South i l,l\IIII IIIII II Kent , WA 98031 ' D M 1 N\I\k.111.,�I \1 hill ,iI�"IL,JiI,.Ij Dear Mayor Hogan : IIIII\1, \I\�•I I` I i,iJ.I. liwlilul\, ii.I 11.I� """"."I Thank I .., you for your continuing support and involvement with the Seattle-King County Economic Development Council . Uwling o,i.I rh.of 61, We have here submitted our 1986 funding request which extends our 185 contract agreement for services . The Council proposes the same funding policy for the local UI\It11,, \IIkl1, I;. i,u,J ,,,Il,l,,, 111 \I IIIII public sector contracts as was adopted for this year ; 10 cents per year per capita residin within the juris- kmp l mlm,l'n n'd k" 4HIIIFN.\i.lh• �'�, diction boundaries . Taking into ccou your city' s ,III Il.iil Ill u,l population growth, this equals t $2698 s compared to I„1111 U,ni,Pilll.,.n $2�for 1985 LI ulu u...LIe.I i 11uan.•. • .JII,IIII.II JII„11 lillll.l.11,nl\1 I Ill.li IIIII In support of this request , the following enclosures are I'"lllhl \\II'l 11 Nl PL•ILI" provided: I I I•I'1,I, I ,,..�IL. \\I1, \I I II111 h \I, IlvI,II. 1985 proposed contract for services (Attachment 1 ) . "11 " ''10 *1985 vs 1986 Budget Forecast (Attachment 2) . 11`I\III 11\1 1 I, \'I,I'I,ull il, *1985 vs 1986 Revenue Forecast (Attachment 3) . Ixl\.\I Draft Summary of 1986 SKCEDC Program (Attachment 4) . 1'(l 1', ,l,�I,�,IL.U 11 1 hli(u,�i.IILn * ,,wh unnuullln I I11,, I NI I11'.N Ih...". Please call Penelope Peabody, EDC ' s Executive Director, \l11 lm "°h"l,\O l I l I ll°' or her Deputy, David Bell , for any questions or further N\ klnlla.ln>I.1 nl detail . (PH #447-0132) . "ON\I kll l P"'Id ', `"\kI IN"""" We look forward to your participation; you are a valued l III III,.Ills. \I.klll,l(I\ll l'r,•IJ,III and necessary member of our coalition for effective \I, •„ II. lil. \.,I„ 1,11,N1•1 1'I, ,.IJ economic development in King County. \1.IHu0i lan,dw J l.l, I,IIILI I. Sincerely, lu an tru„,,nud l,I u, 'lu, 1 _d 11kG[ A N\I kl N.,L.Ih.W.Id NUBI kl \\V I N I �NNll.11i .oi.I �, h. .a\.;°. ohn W. Ellis 1'l hl 1 UI'I I'I \IIIII„ Chairman cc/ Richard Cushing City Administrator , City of Kent