City Council Resolution 1983-80RESOLUTION GIVING APPROVAL TO A
DEVELOPMENT CONCEPT PRESENTED BY
FULFILLMENT SYSTEMS INC. AND
CALLING FOR A PUBLIC HEARING
FOR THE PURPOSE OF ISSUING
INDUSTRIAL REVENUE BONDS
RESOLUTION 1983-80
WHEREAS, Fulfillment Systems, Inc., (FSI) has presented to the
City Council of Monticello an economic development proposal and further
requested the use of Industrial Development Revenue Bonds, and
WHEREAS, Wright County State Bank, First State Bank of Lake Lillian
and Security State Bank of Howard Lake have submitted to the City letters
of committment for the purchase of said bonds in the amount of $475,000.00,
and
WHEREAS, on August 31, 1983, the City of Monticello did submit an
application for an Urban Development Action Grant to the Department of
Housing and Urban Development for the express purpose of assisting FSI
in their proposed development, and
WHEREAS, FSI's proposal could not occur but for a coordinated financing
effort utilizing private equity, Industrial Revenue Bonds, and UDAG funds.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
MONTICELLO THAT:
1. The Proposal submitted by FSI, and detailed in the City's
UDAG application, is hereby given preliminary approval.
2. Pursuant to M.S. 474.01, Subdivision 76, a public hearing be
set for 7:30 P.M. on the 24th day of October, 1983.
3. The City Administrator shall prepare and have published the
required public notice and shall further prepare such documents
as may be required.
The foregoing resolution was introduced by Councilmember F ra n
Fair who moved its adoption. The motion for adoption was
duly seconded by Councilmember Jack r~iaxwell with the following
voting in favor thereof:
Arve Grimsmo, Ken Diaus, and Dan Blonigen
solution 1983-80
~e Two
i the following voting in the opposition:
none
Adopted this 26th day of September, 1983.
Arve A. Grimsmo, Mayor
ATTEST:
Thomas A. Eidem
City Administrator