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  Item No. 24.       
Meeting Date: 05/13/2021  
COMMITTEE: Legal  
CONTACT: Parker Patterson CHAIR: Judy Stubbs

ACTION REQUESTED:
Proposed Ordinance 21-06 - Consider approval to advertise to hold a public hearing and vote on Proposed Ordinance 21-06 Leprino IRB Series 2021B. (Stubbs/Patterson/Neeb)
BACKGROUND:
Initiated by: Joe Neeb/Leprino Foods Company

Industrial Revenue Bonds are a mechanism by which the City can take legal title to property in order to fund bonds to provide tax benefits to further capital improvements by a private company thereby providing for local economic development. In Ordinance 19- 04, the City issued IRB Series 2019A, on August 21, 2019, in an amount of $90,000,000, to finance construction, reconstruction, installation and equipping of a wet whey facility and freezer warehouse, and renovation, installation and equipping of a wastewater facility by Leprino Foods Company. 

The City also provided for the issuance of Series 2019B Bonds, subject to an authorizing ordinance, prior to November 30, 2023. Leprino has now requested that the City issue the second series bond (re-named 2021B) in and amount up to $60,000,000 for further financing of renovation, construction, reconstruction, installation and equipping of upgrades to the Company’s facility.
FINANCIAL CONSIDERATION
Per state statute, the City’s general fund is not liable for repayment of the bonds.
LEGAL REVIEW:
The City Attorney has reviewed the Ordinance.

Ordinances require a majority vote of the City Council.
BOARD AND COMMITTEE ACTION:
The Legal Committee recommended (3-0) approval at their meeting on April 29, 2021.
STAFF RECOMMENDATION:
Proposed Ordinance 21-06 - Consider approval to advertise to hold a public hearing and vote on Proposed Ordinance 21-06 Leprino IRB Series 2021B. 
Attachments
ATT 1 Proposed Ordinance 21-06


    

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