02-28-00 Community & Economic Development

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Community and Economic Development Committee February 28, 2000 Page 3 Following discussion, Dr. Varner made a motion, seconded by Council Member Kirsits that Bill No.00-21 be recommended favorably to Council. The motion passed. The Committee then reviewed Bill No. 99-126 which is a resolution which would terminate the ten(10)year real property tax abatement for Bangor Refrigeration Corporation. The Committee then reviewed the February 28, 2000 Memorandum addressing Kysor/Warren Company (former Bango Refrigeration) (copy attached). Mr. Mike Beitzinger of Community&Economic Development provided an update on the progress of Kysor/Warren, the former Bangor Refrigeration Company which ceased its operations in October of last year. He noted that this Bill was originally set for public hearing on December 13, 1999 and was continued due to the interest by a prospective buyer of the property. Colbert Packaging,the proposed purchaser has indicated that the tax abatement would be an integral part of its decision. Mr. Brad Toothacker,a real estate agent, indicated that negotiations are continuing on the proposed purchase by the Chicago based company of the 90,000 square foot facility. A letter of intent has been signed for the$2 million building. Mr. Toothacker noted they are scheduled to sign the agreement this week and that over$ 10,000 of work has already been done to the property. Further developments on the project would be transmitted to the Committee and the Council through Mr. Beitzinger on this matter. Mr.Beitzinger also noted that 2000 taxes are payable in!2001 and if the March 1st deadline in the Auditor's Office is not met that they would not be affected. There being no further business to come before the Committee, Council Member King adjourned the meeting at 5:30 p.m. Respectfully submitted, Council Member Roland Kelly, Chairperson Community and Economic Development KCF:kmf Attachments