Special Meeting - City Council

5:30 p.m.

A special meeting of City Council will be held beginning at 5:30 p.m.   

A public hearing shall be conducted by the City Council of the City of Owatonna, Minnesota  (the "City"), at the City Administration Building 540 West Hills Circle  Owatonna, Minnesota in such City on Tuesday, November 22, 2011, at 5:30 p.m., for the purpose of hearing information and receiving comments on the proposed restructuring of the City's $5,000,000 2005 Replacement Industrial Development Revenue Bonds, Series 1997 (Slidell, Inc. Project), the original proceeds of which had been loaned to Slidell, Inc. to assist in the acquisition and construction of an approximately 132,000 square foot office and manufacturing facility, which was later transferred to Lemond Properties, LLC.  Pursuant to a proposed First Amendment to Amended and Restated Loan Agreement, replacement bonds will be issued in which, among other things, the average maturity date will be extended.

A Budget Review Session will follow for the Proposed 2012 Budgets of the Administration and Finance Departments and an overall review of the City’s Proposed 2012 Budget.