Memo Refunding Revenue Bonds
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. C I T Y OF HOPKINS
MEMORANDUM
DATE: November 2, 1993
TO: Honorable Mayor and city council
FROM:~~'Jim Kerrigan, Director Planning & Economic Development
SUBJECT: RE~UNDING INDUSTRIAL DEVELOPMENT REVENUE BONDS
FOR SUPERVALU SERIES 1979
In 1979 the City of Hopkins sold an industrial revenue bond issue
in the amount of $1 million to finance the construction for
SuperValu Stores Inc. of improvements at their warehouse
facility. Payment of this bond is supported strictly from
revenues generated by SuperValu. There is no obligation on the
part of the City to make any payment.
. Dorsey and whitney, the bond counsel for SuperValu, recently
contacted City staff concerning this bond issue. They are
presently working with SuperValu concerning the possible
refunding of the 1979 bond. This would allow them to take
advantage of the lower interest rates presently available in the
market. In order to accomplish this effort a public hearing
needs to be held. It is proposed to hold this hearing at the
regular City Council meeting on December 7,1993. As a result,
the Council needs to take action to order the hearing.
JK11023B
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