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09-09-2019 Council Packet
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09-09-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
09/09/2019
Council Meeting Type
Regular
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<br />607378v1LN140-121 <br />PART II <br /> <br />GUIDELINES <br /> <br />1. The City Council will consider tax exempt financing for manufacturing and health care <br />facilities, and other facilities operated by qualified 501(c)(3) organizations, under the <br />Industrial Development Act; and housing projects under the Housing Act. An applicant <br />for tax-exempt financing pursuant to the Industrial Development Act must submit to <br />the City the application contained in Part IV of these Guidelines. <br /> <br />2. The project must be a positive benefit to the City. The project must be of a nature that <br />the City wishes to attract, or an existing business which the City wishes to retain or <br />expand within the City, considering employment opportunities, incentive for further <br />development, impact on City services, and support for the industrial, commercial or <br />health care operations currently located in the City. A housing project must provide <br />significant housing opportunities for low and moderate income persons or the elderly. <br /> <br />3. The City Council will, if requested, grant an applicant a pre-application review. The <br />purpose of the pre-application review is to inform applicants of the possibility of <br />rejection or the possible basis for such a rejection. The fact that the project is not <br />rejected at the pre-application stage is not to be construed as approval of the project <br />or as an indication that the project will be approved upon formal request to the Council. <br />Requests for tax-exempt financing may be rejected by the City whether or not the <br />project was submitted to a pre-application review and regardless of the outcome or <br />recommendation of that pre-application review. <br /> <br />A request for pre-application review must be in writing, addressed to the City Finance <br />Director, and set forth the name of the project, the type of project intended and the <br />name, address and telephone number of the person who will be representing the <br />applicant at the pre-application review, together with such additional information as <br />the applicant desires to submit. <br /> <br />The City will appoint bond counsel for the bond issue, which will normally be the City’s <br />regularly retained bond counsel. <br /> <br />4. Pursuant to the Industrial Development Act and the Housing Act, consideration of an <br />application for tax exempt financing must be done at a public hearing held by the <br />Board, unless federal and state law allow for the issuance of bonds without a public <br />hearing. <br /> <br />5. The City is to be reimbursed and held harmless for and from any out-of-pocket <br />expenses related to the tax-exempt financing including, but not limited to, legal fees, <br />financial advisor fees, bond counsel fees, the City’s expenses in connection with the <br />application, and any deposits or application fees required under state law in order to <br />secure allocation of bonding authority. A non-refundable application fee in the amount <br />of $2,500 must be included with the submission of the application. <br />
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