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Resolve: That the City request the Massachusetts Industrial Development Finance Agency issue bonds to finance the proposed Hoff’s Kitchen Co. Inc. project at 32 and 35 Green St.
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WHEREAS: The Borrower has proposed a project consisting of certain industrial development facilities, to be used in the Borrower’s food manufacturing business. The project being generally described as follows: (i) the acquisition of land and property at 32 and 35 Green Street in Malden; (ii) a renovation and build-out of the approximately 100,000 sq. ft. facility; (iii) the purchase and installation of new manufacturing equipment; and (iv) the payment of costs of issuance of the Bonds (the “Project”); and
WHEREAS: The Borrower made application to the Agency for the financing of the Project through the issuance of Industrial Revenue Bonds (the “Bonds”); and
WHEREAS:The City for itself and on behalf of the Authority wishes to request that the Agency assume the role of the Authority in issuing the Bonds.
NOW, THEREFORE, BE IT RESOLVED:
That the City hereby requests that the Agency assume the role of the Authority in financing the Project by issuance of the Bonds pursuant to Massachusetts General Laws Chapter 23G and Chapter 40D to finance the Project and that the Authority cause a copy of this resolution to be delivered to the Agency.