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CITY OF LINO LAKES <br />RESOLUTION NO. 19-118 <br /> <br />ADOPTING REVISED PRIVATE ACTIVITY TAX-EXEMPT FINANCING <br />GUIDELINES <br /> <br />WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, <br />Sections 469.152 to 469.1651 (the “industrial Development Act”), the City of Lino lakes, <br />Minnesota has the authority to issue revenue bonds or notes to attract or promote economically <br />sound industry and commerce to the City, including the development of facilities by qualified <br />501(c)(3) organizations; and <br /> <br />WHEREAS, under Minnesota Statutes, Chapter 462C (the “Housing Act”) the City is <br />authorized to issue housing revenue bonds to finance multi-family residential housing projects <br />for low and moderate income persons and elderly persons; and <br /> <br />WHEREAS, the City Council is aware that such financing for certain private activities may be <br />of benefit to the City and will consider requests for tax exempt financing subject to such state <br />statutes; and <br /> <br />WHEREAS, the City Council considers tax exempt financing to be a privilege, not a right; and <br /> <br />WHEREAS, it is the judgment of the City council that tax exempt financing is to be used on a <br />selective basis to encourage certain development that offers a benefit to the City as a whole; and <br /> <br />WHEREAS, the City Council of the City of Lino Lakes (the “City) adopted Tax-Exempt <br />Financing Guidelines on August 8, 2005; and <br /> <br />WHEREAS, the City has determined that it is necessary and appropriate to adopt revised <br />guidelines. <br /> <br />NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Lino Lakes <br />approves the revised Private Activity Tax-Exempt Financing Guidelines in the attached Exhibit <br />A. <br /> <br />Adopted by the Council of the City of Lino Lakes this 9th day of September, 2019. <br /> <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />_______________and was duly seconded by Council Member ________________ and upon <br />vote being taken thereon, the following voted in favor thereof: <br /> <br />The following voted against same: <br /> <br />______________________________ <br />Jeff Reinert, Mayor <br />ATTEST: <br /> <br />________________________ <br />Julianne Bartell, City Clerk