Agenda Packets - 1984/11/26 - Laserfiche WebLink

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RESOLUTION NO. • CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION SETTING GUIDELINES FOR THE ISSUANCE OF TAX EXEMPT INDUSTRIAL DEVELOPMENT BONDS FOR LOANS BY THE CITY WHEREAS, Minnesota Statutes permit the issuance of tax exempt industrial development loans and bonds (IDB's) in cases where construction of new facilities will increase a community's tax base, relieve unemployment, eliminate blight or threat of blight and provide a needed product or service, and WHEREAS, in some cases the City might not be able to attract or retain a desireable business or industry unless the City makes tax free financing available, and WHEREAS, other states and other communities have made and are making use of tax exempt financing to attract industrial development, and WHEREAS, the City welcomes industrial and commercial development and industry, and WHEREAS, persons and firms seek a general framework within which they may be guided in requesting tax free financing; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View: The following guidelines are established relating to the acceptance, consideration, and approval of applications for tax exempt industrial development loans. However, applicants understand that, notwithstanding observance of these guidelines, the City Council may in its sole judgement reject an application or that the City Council may in its sole judgement approve an application notwithstanding that one or more guidelines have not been complied with: 1. Applicants will submit information concerning the proposed financing on a form provided by or satisfactory to the City at least ten (10) working days prior to the Council meeting at which the applicant will seek Council approval. 2. The facility must be one which might not other- wise locate, remain or expand in the City in the absence of IDB financing. Desireabilty shall be measured in terms of: