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CITY OF LINO LAKES, MINNESOTA <br />RESOLUTION NO. 05 -114 <br />ADOPTING PRIVATE ACTIVITY TAX- EXEMPT FINANCING GUIDELINES <br />WHEREAS, under the Minnesota Municipal Industrial Development Act, <br />Minnesota Statutes, Sections 469.152 to 469.1651 (the "industrial Development <br />Act "), the City of Lino lakes, Minnesota has the authority to issue revenue bonds <br />or notes to attract or promote economically sound industry and commerce to the <br />City, including the development of facilities by qualified 501(c)(3) organizations; <br />and <br />WHEREAS, under Minnesota Statutes, Chapter 462C (the "Housing Act ") the <br />City is authorized to issue housing revenue bonds to finance multi - family <br />residential housing projects for low and moderate income persons and elderly <br />persons; and <br />WHEREAS, the City Council is aware that such financing for certain private <br />activities may be of benefit to the City and will consider requests for tax exempt <br />financing subject to such state statutes; and <br />WHEREAS, the City Council considers tax exempt financing to be a privilege, not <br />• a right; and <br />WHEREAS, it is the judgment of the City council that tax exempt financing is to <br />be used on a selective basis to encourage certain development that offers a <br />benefit to the City as a whole; and <br />WHEREAS, it is the intent of the City Council to set forth guidelines for the use <br />and issuance of tax exempt private activity revenue bonds. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino <br />Lakes, Minnesota, to adopt the Private Activity Tax - Exempt Financing Guidelines <br />for the City of Lino Lakes as described in the attached Exhibit A. <br />Passed by the Lino Lakes City Council this 8th day of August, 2005. <br />ATTEST: <br />Ann Blair, )ty Clerk <br />-26- <br />