07/14/87 Board of Public Works Minutes

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REGULAR MEETING JULY 14, 1987 Upon a motion made by Mrs. DeClercq, seconded by Mr. Vance and carried, the above bids were referred to the Department of Code Enforcement for immediate review and recommendation in order that an award could be made prior to adjournment of the meeting. Following that review, upon a motion made by Mr. Vance, seconded by Mrs. DeClercq and carried, the following bids were awarded: Steve & Gene's - Vehicle No. 1 $15.75 2 15.75 3 10.75 4 10.75 6 10.75 7 5.00 9 5.75 11 5.75 12 1.00 14 10.75 15 1.00 16 15.75 17 10.75 18 5.75 19 10.75 20 10.75 21 7.75 TOTAL: $154.50 Rubin's Auto Parts - Vehicle No. 5 $ 26.26 10 52.52 13 32.32 TOTAL: $111.10 Charles E. Teske - Vehicle No. 8 $ 28.00 GRAND TOTAL: $293.60 APPROVE LOAN AGREEMENTS AND SUBORDINATED SECURITY AGREEMENTS - - SIBLEY MACHINE AND FOUNDRY CORPORATION - PRECISION TOOL & DIE AND DESIGN, INC. Ms. Sherry L. Shane, Community Planning & Business Assistance, Department of Economic Development, submitted to the Board for approval Loan Agreements and Subordinated Security Agreements for the Sibley Machine and Foundry Corporation, (206 East Tutt Street), and Precision Tool & Die and Design, Inc., (1607 South Main Street), projects. Ms. Shane advised that the Agreements provide for the purchase of fixed assets and that the amount of the loan to Sibley Machine and Foundry Corporation is $187,500.00 and the loan to Precision Tool & Die and Design, Inc. is $100,000.00. It was noted that no City funds are involved as the City will be awarded two (2) state grants to facilitate these projects. The receipt of the grant money by the State will be conditioned upon the full sum of each grant being used by the City directly for these manufacturing projects. Upon receipt, the State Grant money will be placed in the City's Economic Development State Grant Fund. The money will be loaned directly to the companies as specified in the State Grant Agreements. The money will be appropriated from the Economic Development State Grant Program Fund for the purpose indicated above. Ms. Shane informed the Board that the above referred to Loan Agreements are necessary to complete the local process and that the Loan Agreements will be administered by the Department of Economic Development. Therefore, upon a motion made by Mr. Vance, seconded by Mrs. DeClercq and carried, the Loan Agreement and Subordinated Security Agreements for Sibley Machine and Foundry Corporation were approved and executed.