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<br />. Counci 1 Mi.nutes <br />July 10, 1984 <br /> <br />1 <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />Blomquist stated tha~ because the city will be faced with a <br />cap on Industrial Revenue Bonds, we should begin the planning <br />process for awarding Industrial Revenue Bonds before they <br />come to Council. <br /> <br />Blomquist moved to DIRECT STAFF TO REVIEW THE REQUIREMENTS <br />FOR INDUSTRIAL REVENUE BONDS AND SUGGEST OPTIONS FOR IMPLE- <br />MENTING POLICIES FOR CONSIDERING AND WORDING INDUSTRIAL <br />REVENUE BOND APPLICATIONS, AS WELL AS TAX INCREMENT FINANCING <br />APPLICATIONS, AS THEY COME BEFORE THE COUNCIL AND THAT STAFF <br />MAKE RECOMMENDATIONS, OR OFFER ALTERNATIVES, TO ENCOURAGE <br />DEVELOPMENT WHEN INDUSTRIAL REVENUE BONDS ARE NO LONGER <br />AVAILABLE. Seconded by Schmidt. <br /> <br />I <br /> <br />Harcus stated that he understood, from Winkels, that there is <br />now a deposit requirement which could be substantial. <br />Winkels stated that after September 1, 1984, if we have not <br />used our money, the city would have to pay one percent (1%) <br />deposit. <br /> <br />Benke asked what the process would be for calendar 1985, <br />would we have the same cap. Winkels responded that there is <br />an allocation system in place and it would still be there. <br /> <br />Benke stated that the Financial Policy Advisory Board has <br />had some discussion as to the need for such a policy and <br />would ask that staff consult with that Board prior to <br />making recommendations. <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />Winkels had nothing to add to the staff report concerning <br />the Purchase Agreement for city surplus property located <br />on the southeast quadrant of Eighth Street and Seventh <br />Avenue NW. <br /> <br />Motion by Harcus. seconded by Blomquist, to AUTHORIZE <br />THE MAYOR AND THE CITY MANAGER TO EXECUTE A PURCHASE AGREE- <br />MENT WITH J. A. MENOVELD & ASSOCIATES, INC. FOR THE SALE OF <br />LOT 18, BLOCK 1, REDMOND ADDITION, SUBJECT TO THE SELLER <br />DELIVERING A QUIT CLAIM DEED RATHER THAN A WARRANTY DEED. <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />I <br /> <br />Sinda had nothing to add to the staff report. <br />Harcus mentioned that the training is very worthwhile. <br /> <br />Page Four <br /> <br />City Surplus Property - <br />Purchase Agreement, <br />J. A. Mendveld & Assoc. <br />Report 84-178 <br /> <br />Supervisory Development <br />Training <br />Report 84-179 <br />