08/08/2005 Council Packet - Laserfiche WebLink

Home Search

PART II GUIDELINES 1. The City Council will consider tax exempt financing for manufacturing and health care facilities, and other facilities operated by qualified 501(c)(3) organizations, under the Industrial Development Act; and housing projects under the Housing Act. An applicant for tax - exempt financing pursuant to the Industrial Development Act must submit to the City the application contained in Part IV of these Guidelines. 2. The project must be a positive benefit to the City. The project must be of a nature that the City wishes to attract, or an existing business which the City wishes to retain or expand within the City, considering employment opportunities, incentive for further development, impact on City services, and support for the industrial, commercial or health care operations currently located in the City. A housing project must provide significant housing opportunities for low and moderate income persons or the elderly. 3. The City Council will if requested, grant an applicant a pre - application review. The purpose of the pre - application review is to inform applicants of the possibility of rejection or the possible basis for such a rejection. The fact that the project is not rejected at the pre - application stage is not to be construed as approval of the project or as an indication that the project will be approved upon formal request to the Council. Requests for tax - exempt financing may be rejected by the City whether or not the project was submitted to a pre- application review and regardless of the outcome or recommendation of that pre - application review. A request for pre - application review must be in writing, addressed to the City Finance Director, and set forth the name of the project, the type of project intended and the name, address and telephone number of the person who will be representing the applicant at the pre - application review, together with such additional information as the applicant desires to submit. The City will appoint bond counsel for the bond issue, which will normally be the City's regularly retained bond counsel. Pursuant to the Industrial Development Act and the Housing Act, consideration of an application for tax exempt financing must be done at a public hearing held by the Board. 5. The City is to be reimbursed and held harmless for and from any out -of- pocket expenses related to the tax - exempt financing including, but not limited to, legal fees, financial advisor fees, bond counsel fees, the City's expenses in connection with the application, and any deposits or application fees required under state law in order to secure allocation of bonding authority. A non - refundable application fee in the amount of $2,500 must be included with the submission of the application.