Loading...
HomeMy WebLinkAboutMinutes - 03/05/1984 - City Council (2)PUBLIC HEARING MONDAY, MARCH 5, 1984 7:30 P.M. A Public Hearing was called to order by Mayor Stanek on Monday March 5, 1984 at 7:30 P.M. for the purpose of discussing issuance of $2,600,000 in Industrial Revenue Bonds for Chroma Corporation of McHenry. At roll call the following aldermen were present: Bolger, Nolan, Busse, Datz, McClatchey, Snell, Smith, Serritella. Absent: None. City staff in attendance were Supt. Halvensleben, Attorney Narusis, Clerk Gilpin, Police Chief Pasenelli, Park Director Merkel. The City Clerk presented a publishers affidavit with newspaper clipping attached showing the publication of February 17, 1984 of the notice of the meeting in the McHenry Plaindealer a newspaper of general circulation in the City of McHenry, said publication being at least 14 days prior to the date hereof. Said affidavit was then recorded and filed in the office of the City Clerk as part of the permanent records of the City of McHenry. The Mayor stated that the purpose of the meeting was to conduct a Public Hearing pursuant to a published notice as required by law on the proposed issuance by the City of McHenry of Industrial Development Revenue Bonds in an aggregate principal amount not to exceed $2,600,000 the proceeds of which will be loaned to Chroma Corporation to be used by the company to finance a portion of the cost of (1) Restoring and repairing the brick office and laboratory portion of its existing facility located at 3900 Dayton Street in McHenry which was not substantially destroyed by fire on January 12, 1984; (2) Demolishing and removing the manufacturing and warehouse portion of such existing facility which was substantially destroyed by the fire and constructing and equipping a new and expanded 1 1/2 story steel building containing approximately 36,000 square feet in replacement therefore; (3) Restoring and repairing (to the extent practicable) the company's existing equipment, furnishings and fixtures which were not substantially destroyed by the fire; and (4) Acquiring and installing new and or used furnishings and fixtures and manufacturing laboratory, storage and material handling equipment to replace and expand their production capacity of the facility for use by the company as a manufacturing, laboratory, warehouse and office facility. The Mayor announced that all those interested persons wishing to contend for or protest against the issuance by the City of such Industrial Development Revenue Bonds, orally or in writing, would be heard and that all such written or oral statements would be considered. He asked if there was anyone in the audience who wished to speak on the matter. There was no response. He then asked if there were any persons wishing to file written statements at this time. There was no response from the audience. He asked the City Clerk if any written statements had been received and filed in the City Clerk's office prior to the meeting. She responded that no statements had been received or filed in her office on this matter. The Mayor also asked that the record show that there had been a change in the application from a 36,000 square footreplacement building to a 43,500 square foot building. Attorney Narusis explained that all aldermen had received copies of the resolution and plan of financing as proposed by Chroma Corporation. He instructed the aldermen to change the documents they had received which listed the square footage as 36,000 and make the change to 43,500 square feet on their copies of the resolution. The councilmen verified that they had all received copies of the resolution and plan of financing documents prior to this Public Hearing. Council Meeting Spec.Pub Hearing IRB's Monday, March 5, 1984 In answer to a question from Alderman Snell, Bob Swain,President of Chroma Corporation, replied that even though the square footage was changed from 36,000 to 43,500 square feet, the $2,600,000 originally asked for was sufficient to construct and furnish the building that they desired. He said there was no need to ask for an increase in the Industrial Revenue Bond amount because of the increase in square footage. In answer to another question, Swain said it would take 8 to 10 weeks to construct the building and their target date for occupancy is mid August: or early September. Motion by Datz, seconded by McClatchey, to pass a resolution approving the plan of financing of the project and the issuance of Industrial Revenue Bonds for such plan in an aggregate principal amount not to exceed $2,600,000. Voting Aye: Bolger, Nolan, Busse, Smith, McClatchey, Serritella, Snell, Datz. Voting Nay: None. Absent: None. Motion carried. Mayor Stanek declared that this resolution constitutes the public approval of said plan of financing required by Section 103 (k) of the Internal Revenue Code of 1954 as amended. The Mayor declared that the resolution was adopted and henceforth did approve and sign the said in open meeting and did direct the City Clerk to record the same in full in the records of the City Council of the City of McHenry, Illinois. Motion by Snell, seconded by Nolan, to adjourn the Public Hearing. Voting Aye: Bolger, Nolan, Busse, Smith, McClatchey, Serritella, Snell, Datz. Voting Nay: None, Absent: None. Motion carried. Meeting adjourned at 7:44 P.M. z��wma�zz��� /�' _ /'