HomeMy WebLinkAboutAgenda Statement 1982/03/23 Item 7t.
COUNCIL AGENDA STATEMENT
Item 7
Meeting Date 3/23/82
TITLE: Resolution /~ ~D~ Approval of Application for Industrial
Development Bond Financing from Hyspan Precision Products,
Inc.
S EMITTED BY: Community Development Director -
Date: Yes No X )
T e Council is requested to approve the Hyspan application for industrial
d velopment bond financing not to exceed $2.5 million. Council approval is
r quired by State law before the application may be submitted to the State
I dustrial Development Financing Advisory Commission for concurrence. It is
t erefore my
K ~oNpMENDATION: That the Council adopt the resolution approving the Hyspan
a plication for industrial development bond financing.
SSION RECOMMENDATION: Not applicable.
DI~SCUSSI ON:
Th Hyspan application, attached to this agenda statement, has been prepared
in conformance with State requirements. Several of the attachments to this
ap lication, not included in the original submission, are available for the
Co ncil to review this evening.
Th Industrial Development Authority has accepted the application and
au horized filing with the City Clerk. The Hyspan proposal has been
de ermined to be in the public interest due to its potential employment
op ortunities and leadership in the development of the Otay Valley industrial
ar a.
FI~CAL IMPACT: Not applicable.
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WP 0056H