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Council Meeting Minutes July 9. 1985 I Public Hearings Winkels asked. because of the Federal notification requirements, that the hearing for Skillman Corp. be rescheduled for July 23, 1985, and also for the next two public hearings (New Brighton Inns, Inc. and Hal-Fics, Inc.), Winkels reviewed the Skillman project and stated he believes there will be f~nds available September 1st and there is a good possibility of securing other allocations prior to September 1st, as the projects are there and the applicants are willing at this time to pay the one ~ercent deposit to secure the funds, Blomquist asked if there were costs associated with keeping the Industrial Revenue Bond allocation available for a long period of time: I Winkels stated that once September 1, 1985 comes, we could keep that allocation; either the city or the applicant would have to put up the one percent (l~) of the allocation amount, to be placed with the State, to reserve that allocation. We can require the applicant to pay the one percent (l~), which is refundable to the applicant at the time of closing. which must take place before December 31. 1985. If they do not close, they are subject to losing that deposit, After November 1. 1985, no portion of the deposit is refundable, Janecek asked how we would determine which of the three applicants would put up the one percent, Winkels responded that we could re- quire all three applicants to make the deGosit and suggested it be done that way, as in the past, because it would reserve the alloca- tion for them, it shows some intent of resolve to follow through, and until November 1st, it is refundable. Harcus suggested all three applicants be advised by staff, in writing. of the process and a discussion of the one percent depos- it so there is no confusion by any party. Blomquist agreed to direct staff to inform the three applicants that we intend to grant preliminary approval for all three projects and to let them know this is consistent with the city's past policy on issuing Industrial Revenue Bonds, I Schmidt stated the one percent goes into effect on September 1st and that it is conceivable that any of the applicants could be ready for final approval before then. Winkels stated the appli- cants could be back to the council by the end of August for final approval, Schmidt stated the council would have to be ready to give final approval and asked staff to so advise the applicants, Winkels responded that the applicants were already notified of that, but it could also be put in writing. Page Two Public Hearings Skillman Corp, Report 85-189 7:35pm-7:52pm \