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Industrial Revenue Bonds <br /> (IRB) <br /> "...to finance industrial, commercial, multi family, and health-related projects." <br /> Who's Eligible: Any owner,business, or Current Budget: Tax-exempt IRBs are <br /> developer within the City or planning to limited by a State volume cap. No such <br /> locate in Minneapolis limits are placed on the amount of taxable <br /> IRBs a city can issue. <br /> Application Procedure: Contact the Estimated Annual Production: <br /> MCDA Business Finance Department to $75,000,000 Tax-exempt IRBs <br /> discuss and review your project. $25,000,000 Taxable IRBs <br /> Contact Person: Bob Lind, 673-5068, Business Finance Department <br /> • <br /> Program Summary: The IRB program provides financing for the acquisition of land <br /> and construction of new facilities, additions to existing facilities,purchase and <br /> renovation of existing structures, and equipment purchases. Loans are generally in the <br /> amount of$500,000 to $20,000,000. IRBs issued for industrial/manufacturing and <br /> 501(c)(3) corporations are generally tax-exempt. Bonds for commercial projects are <br /> usually issued as taxable IRBs. The interest rate on a tax-exempt IRB is below market <br /> rate; a taxable MB is competitive with market rate,but provides long-term, fixed-rate <br /> financing. Approval of IRBs by the MCDA and the City is based on the "public <br /> purpose" served by the project, primarily job creation and retention. <br /> • <br /> - 33 - <br />