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CITY OF SHAKOPEE, MINNESOTA <br />PRIVATE ACTIVITY REVENUE BOND POLICY <br />I.INTRODUCTION <br />The City of Shakopee, Minnesota (the "City ") has the authority to issue revenue bonds <br />pursuant to Minnesota Statutes, Sections 469.152 to 469.1651 (the "Industrial Development Act ") <br />and Minnesota Statutes, Chapter 462C (the "Housing Act "). The City Council of the City will <br />consider the issuance of private activity bonds (both taxable and tax - exempt) to finance the <br />following types of projects: <br />1) Manufacturing / industrial facilities; <br />2) Multifamily housing; <br />3) Health care facilities; <br />4) Other projects on behalf of 501(c)(3) organizations; and <br />5) Other projects authorized by state statutes and federal law. <br />In extraordinary circumstances, the City Council of the City may consider and approve <br />the issuance of private activity bonds by the Economic Development Authority for the City of <br />Shakopee (the "EDA "). <br />II. GENERAL REQUIREMENTS <br />The following are the general guidelines and requirements the City will use to evaluate <br />requests for private activity bond financing. The City has complete discretion regarding whether <br />to issue private activity bonds and reserves the right to approve only proposals which, in the <br />opinion of the City, meet the needs of the City and have a strong likelihood of success. All <br />proposals for the issuance of private activity bonds must meet the following general <br />requirements: <br />A. Be consistent with the City's Comprehensive Plan. <br />B. Fulfill all of the applicable federal and state requirements for the issuance of <br />bonds. <br />C.Comply with all applicable federal, state, regional, and City laws, including <br />zoning and land use regulations and ordinances applicable to the project. <br />D. The applicant agrees to use the legal services of a bond attorney designated by the <br />City of Shakopee.