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s <br />• <br />L' <br />Report No. 81-183 <br />ew <br />REPORT TO THE CITY COUNCIL <br />Do t1V n 1981 <br />TO: The Honorable Mayor and Members of the City Council <br />FROM: James W. Fornell, City Manager <br />RE: Becker Brothers, Inc. Tax Exempt Mortgage Financing <br />Preliminary Approval <br />Attached is a letter from Harold Becker of Becker Bros., Inc. <br />regarding the applicant's assessment of compliance with <br />the conditions of Resolution #2168, attached, which specifies <br />conditions to be met in order to authorize tax exempt <br />financing. It is felt that the responses are consistent <br />with the policy. <br />Interest was expressed in whether it maybe possible to <br />close access from Old Highway 8 to the building located <br />directly south of the proposed Becker Bros., Inc. development. <br />This issue is not directly related to the request; however, <br />attached are site plans showing a substantial elevation <br />difference between the adjacent parking lots. In addition, <br />as a practical matter, the City may not be able to force <br />the closing of the curb cut as old Highway 8 is a Ramsey <br />County road. <br />A financial feasibility letter (Resolution, p. 4, no. 2) <br />will be submitted Monday. A letter of commitment is <br />attached. I feel it would also be desirable to get <br />a legal opinion as to whether a review of financial <br />feasibility is wise for the City to do. The Dorsey <br />law firm, as counsel to the City of St. Anthony, has <br />advised to not review financial feasibility as that <br />may place the City in the role of guaranteeing the <br />credit worthiness of the bonds/mortgage. The legal <br />counsel of Miller and Schroeder, Inc., underwriters, <br />concurred with this assessment. <br />RECOMMENDATION <br />To waive the reading and adopt the attached RESOLUTION <br />GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL <br />DEVELOPMENT PROJECT BY BECKER BROS., INC. UNDER THE <br />MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING <br />SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF <br />SECURITIES FOR APPROVAL THEREOF and to request a <br />legal opinion on the role, if any, the City should <br />have in reviewing financial feasibility. <br />Issued by City Manager <br /> <br />s W. Fornell, City Manager <br />