HomeMy WebLinkAboutMinutes 2009-12-09MINUTE S
INDUSTRIAL DEVELOPMENT
~ °~Sx"5-~~~ AUTHORITY
° ~ OF THE
o CITY OF SOUTH SAN FRANCISCO
c'~LIFOR~l~ DECEMBER 9, 2009
MUNICIPAL SERVICES BUILDING
COMMUNITY ROOM
33 ARROYO DRIVE
1. Call to Order 10:22 p.m.
2. Roll Call Present: Boardmembers, Garbarino, Gonzalez
and Matsumoto, Vice Chairman
Mullin Chairman Addiego.
Absent: None
3. Public Comments None.
4. Motion to approve the minutes of December 10, 2008.
Motion- Boardmember Garbarino /Second- Boardmember Gonzalez: To approve
the minutes of December 10, 2008. Unanimously approved by voice vote.
City Manager Nagel explained the authority was set up on March 28, 1984 to allow the
City to facilitate the sale of pass through tax-exempt bonds for use by private companies
under certain conditions restricted by the Internal Revenue Service. The State also
institutes an annual cap on the total industrial development bonds that can be issued in the
State in the upcoming year.
Chair Addiego questioned if this authority had conducted business in the recent past and
whether its perpetuation was necessary.
Staff agreed to look into whether dissolution was preferable.
5. Adjournment.
Being no further business, Chairman Addiego adjourned the meeting at 1.0:25 p.m.
Sub ed by: Approved:
Kris arts i- n, Clerk Mark A diego, C airman
ity of South San rancisco City of South San Francisco