Department: Resource Management
Staff Contact: Dianna Wright/Emily Vincent
Subject: Consideration of Resolution No 20-1048 assigning the master resolution, lease agreement and related bond documents by BR Capital, LLC in connection with $5,000,000 in industrial revenue bonds to Foley Industries, Inc.
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Item Description:
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Consideration of Resolution No 20-1048 assigning the master resolution, lease agreement and related bond documents by BR Capital, LLC in connection with $5,000,000 in industrial revenue bonds to Foley Industries, Inc.
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Summary:
The City previously approved Master Resolution 18-1049 (Attachment A) authorizing the issuance of not to exceed $17,000,000 in industrial revenue bonds to BR Capital, LLC for the construction of new facilities located on a 15.3 acre lot at the end of 157th Street, west of 169 Highway.
The City then approved Ordinance 19-14 (Attachment B) authorizing the issuance of not to exceed $6,500,000 in industrial revenue bonds to BR Capital, LLC for the construction of an office and shop facility under the Master Resolution.
BR Capital, LLC has requested to assign the $5,000,000 in industrial revenue bonds that were issued and associated tax abatement for the facility along with the remaining $12,000,000 under the Master Resolution to Foley Industries, Inc. (Attachment C).
Attached is Resolution No. 20-1048 (Attachment D) prepared by Gilmore & Bell, P.C., the City’s bond counsel consenting to the assignment.
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Financial Impact:
None
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Action Needed:
Approve Resolution No. 20-1048
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Attachment(s):
Attachment A: Master Resolution 18-1049 Attachment B: Ordinance No. 19-14 Attachment C: Request for Assignment Letter Attachment D: Resolution No. 20-1048