HomeMy WebLinkAbout100377-Special SessionMINUTES
..... Citx,Commis~[on,,Sanford, Florida-.,.:.:,Octo~ber.3, 1977 at 1:15 P.M. 19
MIDSTATE LEGAL SUPPLY COMPANY .. ,:, ': , :~, : '
The City Commission 6f the City of Sanford, Florida, met in Special Session in the
City Hall in the City-of Sanford, Florida, at 1:15 o'clock P. M. on October 3, 1977.
Present: Mayor-Commissioner Lee P. Moore
Commissinner John G. Morris
Commissioner A. A. McClanahan
Commissioner Eddie O. Keith
City Attorney C. Vernon Mize, Jr.
City Manager W. E. Knowles
City Clerk H. N. Tamm, Jr.
Absent: Commissioner Julian L. Stenstrom
The meeting was called to order by the Chairman.
Mr. Ken Mclntosh, Attorney for Keller Industries, Inc., stated his client has a
contract with Hunt Oil Company to purchase approximately three acres at the intersection of
Mellonville Avenue and Silver Lake Road, to Construct an industrial recycling plant for produc-
ition of aluminum billets, and that scrubbers would be installed to control pollution.
He further stated that industrial bonds financed through the City of Sanford
!Would not impair the City's credit; that during the 15 years that the bonds are being paid
iloff, the City of Sanford would own the property; that Keller Industries would retire the
i~bond issue at no cost to the City; that all accounting would be handled by people~other than
iCity, and that the City would receive reports that everything is in good and proper order.
Mr. Robert Connors, Vice President and Treasurer-Secretary for Keller Industries,
!stated that none of the items produced in Sanford would be sold at wholesale or retail in
this area. He stated that Sanford is about half-way between their other plants in Florida
and Georgia.
Mr. Gale Swett, Vice President in charge of Manufacturing for Keller Industries,
tated that the Sanford plant would be used primarily to provide alUminum billets to the
~xisting plant in Miami and that they will install wastewater cleaning devices; that they
Till produce approximately six million pounds of billet per year; that most of the scrap
netal will be baled and behind an enclosure.
Mr. Henry Knight, Johnston, Brown, Burnett & Knight, Inc., Lexington, Kentucky,
~ond underwriter, stated that Industrial Revenue Bonds:
(1) Do not cost the City anything.
(2) Once the bonds are issued, the City is not responsible for them.
(3) City tares no risk.
{e further stated that the City would enter into an agreement with Keller Industries, and
issue the bonds, and that when the bonds are paid off, the company has the option to buy the
property from the City at a nominal fee. He stated that Industrial Revenue Bonds are a finan-
cing vehicle, that all expenses of processing are paid by the company, and that if the
:ompany goes bankrupt, the bondholders are the ones who lose.
Attorney Ken McIntosh requested the City Commission to take action to approve the
Industrial Revenue Bond Issue, as an inducement to Keller Industries to locate in Sanford.
The City Manager recommended to get involved in the Industrial Revenue Bond
October 3 at 1:15 P. M.
:City.: Commission;: ~:Sanford~' ~Flor~da,
19 77
MIDSTATE L~~
Commissioner Keith moved to authorize appropriate action to approve an Industrial
Revenue Bond Issue of up to $750,000, to,~induce Keller Industries to locate in Sanford
Seconded by Commissioner Morris and carried over dissenting vote of Commissioner'McClanahan.
The City Clerk next administered the Oath of Office to Wallace N. LaPeters, as
Chief of Police of the City of Sanford, Florida.
The City Manager reported the owner of ~'roperty at the-southwest corner of the
intersection of Bay Avenue and 24th Street, had requested the City to open 24th Street between
Mellonville Avenue and Bay Avenue, for access to his property. The Commission instructed
city crews to proceed and complete work as follows:
(1) Lowering the manhole on Bay Avenue.
(2) Opening and stabalizing the North end of Bay Avenue and East 24th Street
between Bay Avenue and Mellonville Avenue.
There being no further business,, the meeting was adjourned.
I~YOR
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