Laserfiche WebLink
<br />Review Board. Mr. Feneli stated they have met all the regulations of <br />the Architectural Review Board with the exception of glass to be used <br />which will be approved at the Architectural Review Board Meeting of <br />February 18, and no variances will be required. He stated Stanley <br />Works have applied to the Ohio Develapment.Fund Commission requesting <br />the issuance of bonds t&f inance this project. <br />Mr. Feneli said the Commission needs to hear from us in writing that <br />we will allow the Stanley Works Corporation to use the issuance of <br />bonds for the financing of tlieir project. He said upon passage of this <br />resolution and certification to Columbus there is no involvement of the <br />municipality with the bonds. We still would maintain local control <br />pursuant to our ordinances on the actual pr.oject development itself, <br />which he specified in the ordinance. He said he cleared this with Mr. <br />Fred Levy of Squires, Sanders & Dempsey in Washingtbn D.C. <br />Mr. Feneli asked if Ms. Carol Zelizer would like to add anything. <br />Ms..Zelizer stated that Mr. Feneli's report was accurate. She explained <br />that because the facility is located in Mayfield Village the Jhio <br />Development Fund Commission requires evidence of our approval by the <br />adoption of a Resolution approving the project and asking the Commission <br />to issue the bonds. Ms. Zelizer stated, as Mr. Feneli said, there is <br />no liability on the part of the Village, the documents are between <br />Stanley Works and the Commission. <br />Ms. Zelizer gave a brief breakdown of how industrial bonds work. <br />Mr. Hovancsek questioned if this was to include money for machinery also. <br />Mr. Whitehouse verified that it was. <br />Mr. Feneli said in the letter he received from Mr. Levy it stated the . <br />matter was scheduled to be on the agenda of the Ohio Development Commission <br />Meeting of February 25, and questioned what would happen if Council would <br />not enact on the matter at this meeting. <br />Ms. Zelizer said construction was to begin in March. Under the Fedaral <br />Inc.ome Tax regulations a.company is not allowed to incur costs to be <br />reimbursed unless the government has taken official action, such as this <br />ordinance. If this ordinance is not passed tonight, action could not be <br />taken at their February 25 meeting, which would prohibit the company from <br />proceeding with construction at the beginning of March. <br />Discussion was held. <br />Mr. Carmen read the last paragraph of Mr. Feneli's memo,.that this is an <br />opportunity to enhance the f inancial picture of the Village. <br />Council President Spellman asked if there was any further discussion.