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R-78-34 <br />RESOLUTION <br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY' MINNESOTA <br />A RESOLUTION ESTABLISHING A POLICY WITH RESPECT TO CONSIDERATION OF <br />PROJECTS FINANCED UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOP- <br />MENT ACT (INDUSTRIAL REVENUE BONDS). <br />WHEREAS, the City of Lake Elmo may be asked to consider projects to be <br />financed under the Minnesota Municipal Industrial Development Act; and <br />WHEREAS, the City Council has applied policy standards to applications; <br />and desires to apply these same standards to all future applications for such <br />projects. <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lake <br />Elmo, Minnesota THAT, the policy for considering applications for projects under <br />the Minnesota Municipal Industrial Development Act shall be as follows: <br />A. The Applicant should be an established business within the City having <br />a proven record of success and independent financing to assure marketing <br />any bonds or notes issued and, pass the scrutiny of the City's financial <br />consultants; and <br />B. The concept plan must be approved by the City Council; and such planned <br />use must <br />1. Conform to the City's comprehensive plan zoning limitations, and <br />be a permitted expansion under the present City Zoning laws in the <br />planned location; and <br />2. Meet all State and City Codes and; <br />C. The project should not create demands for premature or unreasonable public <br />services; and <br />D. The project should provide increased employment opportunities within the <br />City; and <br />E. The project should increase the assessed valuation of property within <br />the City; and <br />F. The business should be of the type to be encouraged in the .proposed location <br />at the time of the application. <br />