IREA TO MR GENELLIE
City of
....
aPRlel114200 Cedar Avenue S
va ey Apple Valley, Minnesota 55124
T I phon 612-432-0750
January 24, 1985
Mr. James Genellie
Administrative Assistant
City of Hopkins
1010 South 1st Street
Hopkins, MN 55343
RE: 1985 Industrial Revenue Bond Entitlement Authority
Dear Mr. Genellie:
Your city, like Apple Valley, is classified as an Industrial
Revenue Bond (IRB) Entitlement Issuer. According to information
received from the Minnesota Department of Energy and Economic
Development, as of September 2, 1984 your city returned to the
State competitive pool either all or a substantial part of your
1984 entitlement.
The State informs us that for 1985, IRB entitlement amounts will
increase roughly one percent over 1984 amounts. Thus, it is
likely that for 1985 your city will have an IDB entitlement of
approximately $ 1,962,780. As you mayor may not know, any city
may, by Joint Powers Resolution, transfer any or all of its
entitlement to another city.
For 1985, Apple Valley has a need for $ 5,000,000 of IDB
authority beyond its own entitlement of $ 3,139,191. While the
amount of your entitlement is less than our needs, every amount
received does indeed count, and we would appreciate any
assistance you could provide in helping us obtain this additional
issuance authority. Please check the appropriate boxes on the
enclosed form and return it to us in the provided envelope as
soon as possible. Thank you in advance for your time and
consideration.
Sincerely,
CITY OF APPLE VALLEY
RGA/tl
Enclosure
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