01/18/1975 STUDY - 5775ITEMS FOR DISCUSSION
CITY COUNCIL STUDY MEETING
9:00 A,M.
SATURDAY, JANUARY 18, 1975
1. Changes in Regulatory Liquor Ordinance.
2. Industrial Revenue Bonds
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' TIM BREIDER
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CARROLL KUKOWSKI
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MARVIN BRUNSELL, FINANCE DIRECTOR �
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VIRGIL HERRICK, CITY ATTORNEY
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ORVIN L. OLSON
Director Finance 8 International Trade
MINNESOTA DEPARTMENT ECONOMIC DEVELOPMENT
480 Cedar St., St. Paul, Minn. 55101 612-296-5024
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�ISCUSSION ITEMS FROM $TUDY $ESSION �EETING, �ANUARY Ig, 1975
1. Industrial Revenue Bonds
Mr. Orvin L. Olsen, Director Finance & International Trade, Minnesota Department
Economic Development, indicated that up to now they have issued $312,000,000
worth of industrial revenue bonds and $13,000,000 worth of cor�nercial revenue
bonds. In commercial revenue bonds the law was extended to cover the comnercial
enterprises in 1974. There is a distinction between commercial enterprises
and the tourist industy outside the metro area.
The City of Plymouth did adopt certain guide1ines for issuing industrial revenue
bonds, but they are too stringent and no company has been able to make use of it.
Nis suggestion was that the Clty should not adopt any strict, well-defined
guidelines, and they should decide each application on its own merit.
Industrial revenue bond rate is from 7% to 10� which gives the saving of about
2% to 3% on interest rates for the company using this method of financing.
The maximum amount industria1 revenue bonds can be sold for is $5,000,000 except
there is no 1imit where the work is being done for pollution control purposes.
After a lengthy discussion, the City Council instructed the staff to bring back
for their consideration a resolution of intent regarding the industrial revenue
bonds. It was also brought out during the discussion that administrative
processing of such applications should include a close liaison with the State
Department of Economic Development.