Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Consideration of Resolution No. 26-1009 expressing the intent to issue industrial revenue bonds on behalf of Dillon Companies, Inc in an amount not to exceed $49,250,000 (Sales Tax Exemption Only).
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title:
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Consideration of Resolution No. 26-1009 expressing the intent to issue industrial revenue bonds on behalf of Dillon Companies, Inc in an amount not to exceed $49,250,000 (Sales Tax Exemption Only).
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Summary:
The City has received a request from Dillion Companies, Inc, in industrial revenue bonds to finance the cost of acquiring and developing a new 99,000 sq ft marketplace center generally located at the corner of College Avenue and Sunnybrook Boulevard.
The Bonds will be issued to obtain a sales tax exemption on construction materials used for the project.
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Financial Impact:
All costs related to the issuance of the Bonds will be paid by the Applicant.
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Action Needed:
Approve Resolution No. 26-1009 expressing the intent to issue industrial revenue bonds on behalf of Dillon Companies, Inc. (sales tax exemption only)
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Attachment(s):
A. Application
B. Resolution No. 26-1009