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08/08/2005 Council Packet
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08/08/2005 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
08/08/2005
Council Meeting Type
Regular
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Lino Lakes, Minnesota <br />Private Activity <br />Tax - Exempt Financing Guidelines <br />PART I <br />GENERAL <br />Under the Minnesota Municipal Industrial development Act, Minnesota Statutes, Sections <br />469.152 to 469.1651 (the "Industrial Development Act "), the City of Lino Lakes, Minnesota has <br />authority to issue revenue bonds or notes to attract or promote economically sound industry and <br />commerce to the City, including the development of facilities by qualified 501(c)(3) <br />organizations. <br />Under Minnesota Statutes, Chapter 462C (the "Housing Act ") the City is authorized to issue <br />housing revenue bonds to finance multi - family residential housing projects for low and moderate <br />income persona and elderly persons. <br />The City Council is aware that such financing for certain private activities may be of benefit to <br />the City and will consider requests for tax exempt financing subject to these Guidelines. The <br />City Council considers tax exempt financing to be a privilege, not a right. <br />It is the judgment of the City Council that tax exempt financing is to be used on a selective basis <br />to encourage certain development that offers a benefit to the City as a whole, including <br />employment and housing opportunities. It is the applicant's responsibility to demonstrate the <br />benefit to the City. The applicant should understand that although approval may have been <br />granted by the City for the issuance of financing for a similar project or a similar debt structure <br />that is not a basis upon which approval will be granted. Each application will be judged on the <br />merits of the project as it relates to the public purposes of the Housing Act or the Industrial <br />Development Act and the benefit to the City at the time the request for financing is being <br />considered. <br />
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