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CITY OF LINO LAKES RESOLUTION NO. 19-118 ADOPTING REVISED PRIVATE ACTIVITY TAX-EXEMPT FINANCING GUIDELINES WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 to 469.1651 (the "industrial Development Act"), the City of Lino lakes, Minnesota has the authority to issue revenue bonds or notes to attract or promote economically sound industry and commerce to the City, including the development of facilities by qualified 501(c)(3) organizations; and WHEREAS, under Minnesota Statutes, Chapter 462C (the "Housing Act") the City is authorized to issue housing revenue bonds to finance multi -family residential housing projects for low and moderate income persons and elderly persons; and WHEREAS, the City Council is aware that such financing for certain private activities may be of benefit to the City and will consider requests for tax exempt financing subject to such state statutes; and WHEREAS, the City Council considers tax exempt financing to be a privilege, not a right; and WHEREAS, it is the judgment of the City council that tax exempt financing is to be used on a selective basis to encourage certain development that offers a benefit to the City as a whole; and WHEREAS, the City Council of the City of Lino Lakes (the "City) adopted Tax -Exempt Financing Guidelines on August 8, 2005; and WHEREAS, the City has determined that it is necessary and appropriate to adopt revised guidelines. NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Lino Lakes approves the revised Private Activity Tax -Exempt Financing Guidelines in the attached Exhibit A. Adopted by the Council of the City of Lino Lakes this 9th day of September, 2019. The motion for the adoption of the foregoing resolution was introduced by Council Member Rafferty and was duly seconded by Council Member Stoesz and upon vote being taken thereon, the following voted in favor thereof: Rafferty, SToesz, Maher, Manthey, Re The following voted against same: none Reinert or ATTEST: Jilin e Bartell, City Clerk