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'EMO TO: MAYOR AND CITY COUNCIL <br />4 <br />FROM: FINANCE DIRECTOR- TREASURER <br />DATE: SEPTEMBER 19, 1984 <br />suBj ECT: KINDER CARE APPLICATION FOR INDUSTRIAL REVENUE <br />BOND FINANCING <br />The application from Kinder Care for industrial revenue bond <br />financing was discussed at the September 17, 1984 Agenda <br />Session. Discussion at that meeting centered around whether <br />or not the proposed project met the City's guidelines for <br />issuance of tax exempt industrial development bonds as <br />outlined in Resolution No. 1125. Two questions were raised: <br />1. Shouid the application from Kinder Care for <br />industrial revenue bond financing have been made <br />prior to or in conjunction with other planning <br />applications and permits? <br />2. Do the guidelines, as outlined in Resolution 1125, <br />favor the issuance of industrial development bonds <br />for this type of project? <br />Guideline No. 9 states "The City will not issue tax exempt <br />financing for any business which requires rezoning or <br />conditional use permit unless an intention to request such <br />financing is communicated to the City prior to applying for <br />such permit." Public Works/Community Development Director <br />Thatcher has informed me that this project will require the <br />issuance of a conditional use permit. <br />Guideline No. 8 states "The City will not favor tax exempt <br />financing for retail or service establishments or businesses <br />or multi -family housing." If a day care center is <br />considered a service establishment or business the <br />guidelines do not favor tax exempt financing for that type <br />of business. <br />The resolution does, however, give the Council some <br />discretion in the consideration of applications for tax <br />exempt industrial development bonds. on page 2 of the <br />resolution the following statement "However, applicants <br />understand that, notwithstanding observance of these <br />guidelines, the City Council may in its sole judgement <br />reject an application or that the City Council may in its <br />sole judgement approve an application notwithstanding that <br />one or more guidelines have not been complied with." Staff <br />awaits Council's direction in this matter. <br />DB/mjs <br />Attachment: Resolution No. 1125 <br />ccs Clerk -Administrator Pauley <br />Public Works/Community Development Director Thatcher <br />