City Council Agenda and Packet 1997 01 14

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TO: MAYOR AND CITY COUNCIL FROM: WILLIAM A. SIMMONS CITY ADMINISTRATOR DATE: January 14, 1997 SUBJECT: Resolution No. 2, Series 1997 Declaring the Intent of the City Council of the City of Louisville, Colorado to Issue Industrial Development Bonds ORIGINATING DEPARTMENT: City Administrator SUMMARY: COUNCIL COMMUNICATION Resolution No. 2, Series 1997, is presented for Council consideration. NTA Leasing, d/b /a Key Products, is requesting the City of Louisville to approve this inducement resolution so that it may apply to the State of Colorado for an allocation of the statewide balance of private activity bonds. The application deadline is January 15, 1997. The state allocation program was established by statute pursuant to the federal Tax Reform Act of 1986. Applications are reviewed by staff of the Colorado Department of Local Affairs and the Private Activity Bond Allocations Committee which was established by law to advise on statewide priorities for allocation of the statewide balance. Notification of allocations are made by February 21, 1997. The inducement resolution allows the company to apply to the state. Issuance of any bonds under this program will require bond ordinances be approved and adopted by the City Council. This would happen at a later date. The resolution was prepared by Dee Wisor of Sherman and Howard acting as bond counsel for the City of Louisville. The City Attorney has reviewed the resolution and made comment by memo, copy attached. The City Attorney's comments have been forwarded to Bond Counsel. Any revisions to the resolution will be distributed at the Tuesday special meeting. Please note the additional information on private activity bonds provided by both Bond Counsel and the City Attorney. Key Products is proposing to construct a 70,000 square foot manufacturing building on land included in the Colorado Tech Center. O'Connor Construction is the builder. Key Products will make a presentation to Council during the special meeting. RECOMMENDATION: Mayor and Council move to approve Resolution No. 2, Series 1997 Declaring the Intent of the City Council of the City of Louisville, Colorado to Issue Industrial Development Bonds. Il SUBJECT AGENDA ITEM Resolution No. 2, Series 1997 Declaring the Intent of the City Council of the City of Louisville, Colorado to Issue Industrial Development Bonds 3A