Agenda Packets - 1984/11/26 - Laserfiche WebLink

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RESOLUTION NO. PAGE THREE 5: 4. The project must not require significant City expenditures for sewer, water, streets, storm sewer, etc. to serve such industry, except when the cost of such improvement will be specifically assessable against benefitted properties. 6. 5. The City will favor mortgage revenue, note or bond, tax exempt financing to be assumed by a sophisticated investor or investors without recourse to the City and which imposes no collection or enforcement obligations on the City and which eliminates any possibility of the City or its officers being named as a party in any litigation in the event of default by the primary borrower or tenant of the premises. The City will not be obligated to find another tenant or buyer of the financed premises in the event of default. -7 6. If, other than sophisticated buyer, non -recourse mortgage revenue note or bond financing is to be used, the City will not consider favorably,, projects the financing for which will be less than $750,000. 87 The City will not favor tax exempt financing for retail or service establishments or businesses or multi -family housing. 107 }}- 7. The applicant shall deposit not less than $500 with the application to cover City administrative expenses which deposit is non refundable. 8. The City reserves the right to employ legal, accounting, appraisal, financial, engineering, architectural, and other consultants to review the proposed project and its financing, and the cost, together with administrative expense, shall be paid by the applicant, whether or not the City agrees to finance the project or whether or not it is built. The City reserves the right to require a cash deposit sufficient to cover such consulting costs. Any unexpended balance of such deposit shall be returned to the applicant if the project is approved, the City will allow said expenses to become part of the project cost financed.