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<br />, <br /> <br />e <br /> <br />e <br /> <br />Report No. 80-191 <br />November 5, 1980 + <br />~/ <br />rjJY <br /> <br /> <br />/.--p ..-- I ();L <br /> <br />ew <br /> <br /> <br />Iri9htOn <br /> <br />REPORT TO THE CITY COUNCIL <br /> <br />RE: <br /> <br />MICOM TAX EXEMPT MORTGAGE <br /> <br />Enclosed is the application form for a $445,000 tax exempt <br />mortgage, Micom Corporation, to construct an addition to <br />their manufacturing facility. The application is complete <br />and appears to meet the intent of the Council's policy on <br />the issuance of tax exempt financing (Resolution #2168). <br />The applicant has already received the necessary planning <br />and Council approvals for the proposed addition. <br /> <br />The issue before the Council is to make a preliminary finding <br />as to the probable acceptability of the project for tax <br />exempt financing. The Council should determine whether or <br />not the project is "deserving of further consideration for <br />the issuance of a tax exempt instrument." If there is a <br />finding of further consideration, the Council should adopt <br />a hearing date in order to consider the preliminary resolutio . <br /> <br />Recommendation <br /> <br />1) That the City Council determine whether the project <br />is deserving of further consideration for the issuance <br />of a tax exempt instrument. <br /> <br />2) If the decision is in the affirmative, to set a public <br />hearing for 7:35 p.m. on December 9, 1980 to consider <br />the preliminary resolution. <br /> <br /> <br />Issued by City Manager <br />