BAXTER -- The Baxter City Council Tuesday approved industrial revenue bonds to be sold for TEAM Industries, which is building a plant in the city's industrial park.
The $2.1 million in revenue bonds will be used to construct a 25,000 square-foot facility. About 50 people are expected to be hired when the plant is completed in the spring of 2002.
The bonds would be issued with no obligation to the city, which is lending its name only to TEAM in order for the business to receive the bonds. The city also is reimbursed any administrative costs involved in the revenue bond application.
TEAM Industries is a machining company, manufacturing part for all-terrain vehicles, snowmobiles and agriculture equipment. It has annual sales of $180 million and has locations in Park Rapids, Detroit Lakes, Audubon, Cambridge and Bagley.
The city council in April approved tax-increment financing of $250,000 over a maximum of five years for TEAM Industries.
In other action, the council:
Accepted the written quote from Precision Pavement in the amount of $9,823 for the 2001 striping project.
Set a public hearing for 7:30 p.m. Oct. 16 to vacate Greenwood Road, located south of College Road, and for the city to retain a 30-foot utility easement over the new water main line installed for Industrial Park Phase III.
Approved partial payment No. 4 to Arcon Construction for the Industrial Park Phase III project in the amount of $412,916.
Accepted the proposal from Widseth, Smith and Nolting for survey, design and specifications for the Cedar Scenic Road North Improvements, not to exceed $31,950.
Approved the purchase of a 15-foot wide by 150-foot long drainage easement from Tom Nelson on the 300 block of Forest Drive at a cost of $1,687.
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