Laserfiche WebLink
the applicant, the project's past operating history, including property maintenance and <br />employment, and the applicant's future plans for operations in the City. To the extent <br />appropriate, the provisions of this Private Activity Revenue Bond Policy shall apply to refunding <br />bonds. <br />It is recognized that projects previously financed may not have met the foregoing <br />requirements applicable to new financing requests. Applications that include the refunding of <br />previously issued bonds will be evaluated based on such factors as substantial debt service <br />savings, removal of bonding covenants significantly impairing the financial feasibility of the <br />project, significant rehabilitation or physical improvements of the property, or enhancements to <br />the affordability of existing rents. <br />VIII. POST - ISSUANCE COMPLIANCE <br />The City will require that each applicant demonstrate to the City that it will comply with <br />substantially the same procedures for post- issuance compliance that apply to City governmental <br />bonds under the City's Post Issuance Debt Compliance Policy, approved December 1, 2009, as <br />amended from time to time. The City may require that applicants retain a trustee and/or an <br />independent arbitrage consultant for the term of the bonds. <br />IX. APPLICATION PROCESS <br />The process for obtaining bond financing is as follows: <br />A. An application for the issuance of bonds must be submitted in the form specified <br />by City staff along with the required application fee. Please submit applications <br />to: <br />Finance Director <br />City of Shakopee <br />129 Holmes St. South <br />Shakopee, MN 55379 <br />B. City staff will complete an initial review to evaluate the proposal and determine <br />whether it qualifies for consideration for financing. <br />C. Staff will consult with the City's bond counsel as necessary to verify the project's <br />qualifications for financing. <br />D. For bonds requiring a bond allocation from the Department prior to issuance, the <br />proposal will be presented to the City Council for a preliminary resolution. The <br />resolution will identify the preliminary intent of the City to issue bonds, a <br />description of the proposed project, and the amount of bonds to be issued. Upon <br />adoption of the preliminary resolution, the applicant, working with the City's <br />bond counsel, shall prepare the application to be submitted by the City for a bond <br />allocation to MMB. <br />Page 5