1995-11 Consenting to the Location of certain Commercial Facilities to be Financed by the Alaska Industrial Development and Export Authority on Behalf of Kodiak Fishmeal Company and Located Within the Kodiak Island Borough.KODIAK ISLAND BOROUGH
RESOLUTION NO. 95 -11
Introduced by: Mayor Selby
Requested by: Alaska Industrial
Development and Export Authority
Drafted: Bond Counsel to AIDEA
Introduced: 04/06/95
Adopted: 04/06/95
A RESOLUTION CONSENTING TO THE LOCATION OF CERTAIN COMMERCIAL
FACILITIES TO BE FINANCED BY THE ALASKA INDUSTRIAL DEVELOPMENT
AND EXPORT AUTHORITY ON BEHALF OF KODIAK FISHMEAL COMPANY AND
LOCATED WITHIN THE KODIAK ISLAND BOROUGH
WHEREAS, Kodiak Fishmeal Company (the "Company ") proposes to acquire,
construct and operate certain commercial facilities within the Kodiak Island Borough;
and
WHEREAS, the acquisition and construction of such facilities consisting of a fish by-
product processing plant (as more fully described in Exhibit A hereto, the " Project "),
which is now complete, will have a beneficial local and state -wide economic impact
in that the Project is expected to increase the number of persons employed by the
Company within the Kodiak Island Borough, to increase the tax base of the Kodiak
Island Borough through construction of the Project, and to have a beneficial effect on
the environment of the area; and
WHEREAS, provision to meet increased demand on public facilities from the Project
is reasonably assured; and
WHEREAS, the Company has determined to borrow funds to finance a portion of the
costs of the Project; and
WHEREAS, the Federal tax laws make provision for exemption from Federal income
tax of interest on certain bonds issued to finance the cost of facilities such as the
Project which consist of solid waste disposal facilities within the meaning of Section
142(a)(6} of the Internal Revenue Code of 1986, as amended; and
WHEREAS, under the Alaska Industrial Development and Export Authority Act,
Alaska Statutes 44.88, as amended (the "Act "), the Alaska Industrial Development
and Export Authority (the "Authority ") can proceed with issuance of such bonds to
assist the Company in financing the cost of such facilities; and
Kodiak Island Borough, Alaska
Resolution No. 95 -11
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WHEREAS, the Company and the Authority have requested that the Assembly of the
Kodiak Island Borough adopt a resolution consenting to the location of the Project in
the Kodiak Island Borough as contemplated by Section 44.88.095(c) of the Act; and
WHEREAS, it is appropriate and desirable to adopt such a resolution consenting to
the location of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: Cnncent to 1 ncatinn The Assembly of the Kodiak Island Borough
hereby consents to the location of the Project within the Kodiak Island
Borough, as such consent is contemplated by and specified in the Act.
Section 2: Filing of Resnlution. The Clerk of the Kodiak Island Borough is hereby
authorized and directed to file a certified copy of this resolution with the
Authority pursuant to the Act and to provide a certified copy to the
Company.
Section 3: Fffentive Rate This resolution shall take effect upon adoption by the
Kodiak Island Borough Assembly.
ATTEST:
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS SIXTH DAY OF APRIL, 1995
Donna F. Smith, CMC, Borough Clerk
KODIAK ISLAND BOROUGH
Jero a M.
Selby, y. g
/�thcy d. 7
Mary A. A. M roe, Presiding Officer
Kodiak Island Borough, Alaska Resolution No. 95 -11
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EXHIBIT A
DESCRIPTION OF PROJECT
(Kodiak Fishmeal Company Facility)
The Project is a fish by- product processing plant consisting of a building and
equipment located on 44,000 square feet of land in Gibson Cove on Kodiak Island in
the state of Alaska. The building is of two - story, metal construction containing
approximately 23,000 square feet. The equipment includes a dryer, cooker, press,
evaporator system, bagging operation, oil separator, bone separator, two boilers and
an electronic computer control room with 105 motors. Other equipment outside, yet
adjacent tot he building includes a dump bin, raw material holding tank, conveyors
and fish oil storage tank. The total cost of the building, equipment and land is
$15,200,000. The equipment cost is 57,000,000 to acquire and $2,000,000 to
install. The plant employment is 10 to 20 employees and the plant is rated for
handling 800 short tons of raw materials during a 24 -hour period.
Kodiak Island Borough, Alaska Resolution No. 95 -11
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