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HomeMy WebLinkAbout1985-08-12 CC MIN Special Meeting . SPECIAL MEETING STILLWATER CITY COUNCIL MINUTES August 12, 1985 5:30 P.M. The Meeting was called to order by Mayor Peterson. Present: Councilmembers Bodlovick, Junker, Kimble, MacDonald and Mayor Peterson. Absent: None Also Present: City Coordinator Kriesel Dennis Balyeat, Washington County HRA PROPOSED DEVELOPMENT ON NORTH MAIN STREEf . Dennis Balyeat, Director of Washington Co~nty HRA, explained a proposed devel- opment on the north end of Main Street. The development would include a hotel/motel with approximately 100 to 150 rooms. Mr, Balyeat said the devel- opers were looking for support from the City for issuing $8,000,000 in Indus- trial Develo~nent Bonds and for acquisition of the property through Tax Incre- ment Financing Bonds. Mr. Balyeat also said that the developers would put up one-half of the fee for the lOR Bonds and requested the City to put up the other one-half. The total fee would be $80,000 (1% of $8,000,000) for the IDR Bonds. The fee w~uld be refunded if the project did not go ahead by October 31, 1985. Motion by Councilmember Junker, seconded by Councilmember Kimble to have the City pay 1/2 (or $40,000) of the fee for the Industrial Revenue Bonds and to generally support the proposed development. Mayor Peterson and Nile Kriesel are also directed to meet with the property owners on North Main Street to determine the availability of the land in question. (All in favor) ADJOURNMENT The Meeting adjourned at 6:35 P.M. ~ '- "! . I~ ~-, i.ld-.) ATTEST: _~~ CITY CLE . r r 'r SPECIAL MEETING STILLWATER CITY COUNCIL MINUTES August 12, 1985 5:30 P.M. The Meeting was called to order by Mayor Peterson. Present: Councilmembers Bodlovick, Junker, Kimble, MacDonald and Mayor Peters on . Absent: None Also Present: City Coordinator Kriesel Dennis Balyeat, Washington County HRA PROPOSED DEVELOPMENT ON NORTH MAIN STREET Dennis Balyeat, Director of Washington County HRA, explained a proposed devel- opment on the north end of Main Street. The development would include a hotel/motel with approximately 100 to 150 rooms. Mr. Balyeat said the devel- opers were looking for support from the City for issuing $8,000,000 in Indus- trial Development Bonds and for acquisition of the property through Tax Incre- ment Financing Bonds. Mr. Balyeat also said that the developers would put up one-half of the fee for the IDR Bonds and requested the City to put up the other one-half. The total fee would be $80,000 (1% of $8,000,000) for the IDR Bonds. The fee would be refunded if the project did not go ahead by October 31, 1985. Motion by Councilmember Junker, seconded by Councilmember Kimble to have the City pay 1/2 (or $40,000) of the fee for the Industrial Revenue Bonds and to generally support the proposed development. Mayor Peterson and Nile Kriesel are also directed to meet with the property owners on North Main Street to determine the availability of the land in question. (All in favor) ADJOURNMENT The Meeting adjourned at 6:35 P.M.