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If approved by the State and Key Products wishes to pursue this financing further, the Council would <br />then adopt the appropriate bond ordinance at a later date. <br /> <br />Terry O'Connor, O'Connor Construction, spoke about CTC, incentives for Key Products compared <br />to Westminster, and pay scale. <br /> <br />Jack Cashette gave the history Key Products. The company is currently located in Broomfield. They <br />would also move the metal stamping business now located south of Denver. <br /> <br />Davidson brought up issue with City of Westminster wherein Westminster was named as a defendant <br />in a law suit filed after a default on a private activity bond issue involving the then Ramada Hotel. <br />It was his understanding that Westminster made a cash settlement in the matter. <br /> <br />Tami Tanoue, City Attorney, responded that they contacted Westminster but had not yet received <br />a response. <br /> <br />O'Connor stated that "Ramada" bonds were not paid back. <br /> <br />Lathrop brought up the validity of the company, prospectus, etc. <br /> <br />Cashette pointed out that the company had been in business for over 50 years and was profitable. <br />He said he would back the issuance of the bonds with a Letter of Credit. <br /> <br />Mayer brought up City's cost and are they compensated by Key Products. <br /> <br />Simmons stated the applicant had agreed to the costs of bond counsel, City Attorney, and staff.time. <br />Keany spoke of the issue of sales tax payable to whom, Louisville, other towns, etc. <br /> <br />Cashette reviewed the sales tax payments made by his company. <br /> <br />Bill Simmons, City Administrator, handed out the revised resolution which contained textual changes <br />recommended by the City Attorney regarding multi-year fiscal obligation and indemnification. <br /> <br />Howard moved that Council approve Resolution No. 2, Series 1997, seconded by Levihn. All in <br />favor with Sisk being excused. <br /> <br />2 <br /> <br /> <br />