HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 12/16/1985 (3) CITY OF KENT
ECONOMIC DEVELOPMENT CORPORATION
SPECIAL MEETING
December 16, 1985
A special meeting was called to order by Chairman Tim Leahy at 6:30 p.m.
Present: BOARD MEMBERS: Tim Leahy, Chairman of the Board
Berne Biteman
Tom Bailey
Walt Ramsey
OFFICERS: Steve DiJulio, General Counsel
Marie Jensen, Secretary of the Board
Bill Tonkin, Bond Counsel
ALSO PRESENT: Dick Cushing, City Administrator
Deborah Cushing of Perkins, Coie
Jon Cantalini of Cycles Ltd.
MINUTES OF DECEMBER 2, 1985
Bailey moved to approve the minutes of the Special Meeting of December 2,
1986. Biteman seconded, and the motion carried.
CYCLES LTD.
Deborah Cushing, Bond Counsel for Cycles Ltd. , noted that Jon Cantalini,
partner, was present. She pointed out that although the application and the
inducement resolution were for Cycles Ltd. , the correct name is TJ Cycles
Ltd. She noted that the initial date for the schedule of maturit be
Jury 1 , 1987 instead of July 1 , 1986. The final mat4wLty on the bond should
be changed to the year 2012 instead of 2011 .
Biteman moved to adopt Resolution 1985-40 authorizing the issuance and sale of
an industrial development revenue bond for TJ Cycles Ltd. in the amount of
$2 million. Ramsey seconded, and the motion carried.
DiJulio noted that the TEFRA hearing would be conducted before the City
Council later this evening. The bond resolution for the City will be
considered at that time.
WORLDWIDE DISTRIBUTORS INC.
Bill Tonkin introduced Resolution 1985-41 approving the documents for the
issuance and sale of an industrial revenue bond for Worldwide Distributors
Inc. in the amount of $1 ,400,000. He noted that Worldwide would acquire an
existing facility and rehabilitate it. The bond has a 20 year maturity with a
floating rate, to be purchased by Peoples National Bank for its own account,
secured by a mortgage on the facility. Biteman moved to adopted Resolution
1985-41 . Ramsey seconded, and the motion carried.
_ DiJulio noted that the City's bond resolution would be considered by the
Council at their regular meeting later this evening.
NEXT MEETING
The meeting was adjourned at 6:45 p.m. , and no date was set for the next
meeting.
MARIE S
SECRETARY OF THE BOARD
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