Laserfiche WebLink
Compatibility with Local and Regional Plans <br />Project funded will be compatible with the Metropolitan Development Guide and <br />with the overall development plans and obJec—fi—v—es--o—FEFe--mu—n—i—ci—p—aTTfy—w-i-fhin <br />which the project is located. <br />INDUSTRIAL REVENUE BOND PROGRAM <br />The Council seeks to expand the availability of capital in the Region for <br />industrial and commercial development through the use of a number of IRB <br />options. In addition, the Council seeks to expand the availability of capital <br />through the use of federal and state resources to the maximum extent available, <br />and through coordinated use of federal and state loan programs. <br />The Council is aware that industrial revenue bond financing for certain types <br />of industrial and commercial projects will benefit the Region and participating <br />municipalities, and accordingly, will develop a program for such financing. <br />An active Council IRB program will result in a number of benefits. These <br />include: <br />- Facilitate economic development in the Region. <br />- Create and preserve jobs and business expansion. <br />- Increase the availability of long-term financing for small- and medium- <br />sized firms. <br />- Provide the opportunity for municipalities to improve their ability <br />to attract commercial and industrial investment and to offer <br />financing to existing firms for expansion. <br />- Provide an implementation tool for Council policy. <br />The program is not intended to finance development projects that represent <br />business relocation from one city to another within the Region or the state. <br />PROGRAM OPTIONS <br />Five IRB options have been developed for the use of participating <br />municipal i tier.. These options were developed to respond to a variety of <br />business and local government needs and to provide a means of IRB financing for <br />small or newly established firms. These small but growing companies have been <br />unable to attract investors and enter the revenue bond market even though they <br />are credit -worthy. In developing the IRB options, it was important to provide <br />a bonding mechanism that could be used with state and federal grant and loan <br />programs that also are targeted to encourage economic development. <br />1. Single -issue Revenue Bonds <br />Under a single issue revenue bond, a single commercial or industrial firm <br />would finance a facility. Council action would follow review and approval <br />by the participating municipality within which the project is located. The <br />bonds' principal and interest are payable from earnings of the facility, a <br />guarantee of the firm or a financial institution, by a letter of credit, by <br />a mortgage on the property or additional security acceptable to the Council. <br />21 <br />