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addition, the bonds are generally subject to the volume cap allocation requirements of Minnesota <br />Statutes, Chapter 474A, as amended. The purpose of issuing bonds for such facilities is to <br />encourage the development of appropriate industrial projects that will benefit the community by <br />providing jobs and economic development, eliminating blight, and increasing property values. <br />Manufacturing bonds are available only for "core" manufacturing projects, and only for relatively <br />small manufacturers (cannot expect to have more than the maximum IRS allowable capital <br />expenditures in the City in the six -year period surrounding issuance of the bonds). <br />2.Multifamily Housing <br />Housing bonds to fmance privately -owned multi - family housing facilities within the City <br />are authorized under the Housing Act and either (a) in the case of facilities owned by 501(e)(3) <br />entities, Section 145 of the Code or (b) in the case of facilities owned by non- 501(c)(3) entities, <br />Section 142(d) of the Code. The purpose of issuing multifamily housing bonds is to benefit the <br />community by encouraging the availability of multifamily housing opportunities for residents of the <br />City. The City within its sole discretion will determine whether or not to approve Housing bonds <br />and if so, which multifamily project or projects it will finance. All housing projects financed with <br />tax- exempt bonds must comply with the restrictions set for in the Housing Act and Section 142(d) <br />of the Code and the Treasury Regulations promulgated thereunder. <br />3.Health Care Facilities <br />Health care facility revenue bonds are issued to finance hospitals, nursing homes or <br />assisted living facilities within the City owned and operated by 501(c)(3) entities. Such bonds <br />are issued in accordance with the Industrial Development Act or the Housing Act and Section 145 <br />of the Code. The purpose of issuing health care bonds is to benefit the community by encouraging <br />the availability of affordable health care services for residents of the City. <br />4.Facilities for other 501(0(3) Organizations <br />Bonds may be issued to finance facilities within the City providing services that benefit <br />the City and its residents (including, without limitation, educational services) owned and <br />operated by 501(c)(3) entities. Such bonds are issued in accordance with the Industrial <br />Development Act or the Industrial Development Act and Section 145 of the Code. The purpose of <br />issuing such bonds is to benefit the community by encouraging the availability of beneficial <br />services for residents of the City. <br />IV. DESIGN AND MAINTENANCE STANDARDS <br />A. The project to be financed shall use building and design materials that are in <br />compliance with applicable state and local building and licensing codes and <br />designated maintenance standards. <br />B. The design and maintenance must be compatible with other neighboring land <br />uses, building architecture, and landscaping. <br />Page 3