Memorandum
City of Lawrence
City Manager’s Office
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TO: |
David L. Corliss, City Manager
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FROM: |
Diane Stoddard, Assistant City Manager
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CC: |
Cynthia Wagner, Assistant City Manager Roger Zalneraitis, Economic Development Coordinator/Planner
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Date:
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August 19, 2010 |
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RE: |
State of Kansas Recovery Zone Bond Notice of Intent to Issue Forms related to the Berry Plastics and Bowersock Projects
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The State of Kansas has just announced the formal allocation of $15 million in Recovery Zone Facility Bonds for the North Generation LLC (Bowersock) project and $18 million in Recovery Zone Facility Bonds for the Packerware Corporation (Berry Plastics) project. These are sizeable awards and should assist both projects with accessing more favorable financing for their projects.
The State of Kansas is requiring several steps related to these bonds in order to retain the allocation. The first step is for the City to indicate by August 31 its intent to issue the full allocation of bonds for these projects. There will be a number of future steps necessary in order to formalize and complete these transactions. However, this first step will ensure that the allocation remains for these projects.
Action Requested:
Authorize the Mayor to sign State of Kansas Recovery Zone Bond Notice of Intent to Issue Forms related to the Berry Plastics and Bowersock Mills and Power Company's Projects.
Attachments:
State of Kansas Berry Allocation Letter
State of Kansas Bowersock Allocation Letter