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RESOLUTION NO. 1847 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION REPEALING RESOLUTION NO, 1125 AND SETTING GUIDE- <br />LINES FOR THE ISSUANCE OF TAX EXEMPT INDUSTRIAL DEVELOPMENT <br />BONDS OR LOANS BY THE CITY <br />WHEREAS, Minnesota Statutes permit the issuance of <br />tax exempt industrial development loans and bonds (IDB's) in <br />cases where construction of new facilities will increase a <br />community's tax base, relieve unemployment, eliminate blight <br />or threat of blight and provide a needed product or service, <br />and <br />WHEREAS, in some cases the City might not be able to <br />attract or retain a desireable business or industry unless <br />the City makes tax free financing available, and <br />WHEREAS, other states and other communities have made <br />and are making use of tax exempt financing to attract <br />industrial development, and <br />WHEREAS, the City welcomes industrial and commercial <br />development, and <br />WHEREAS, persons and firms seek a general framework <br />within which they may be guided in requesting tax free <br />financing; and <br />WHEREAS, Resolution No. 1125 adopted on July 14, 1980 <br />set guidelines for the issuance of tax exempt industrial <br />bonds or loans by the City; and <br />WHEREAS, it is the desire of the City Council to <br />revise the guidelines established by Resolution No. 1125. <br />NOW THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Mounds View that Resolution No. 1125 is hereby <br />repealed. <br />BE IT FURTHER RESOLVED: The following guidelines are <br />established relating to the acceptance, consideration, and <br />approval of applications for tax exempt industrial <br />development loans. However, applicants understand that, <br />notwithstanding observance of these guidelines, the City <br />Council may in its sole judgement reject an application or <br />that the City Council may in its sole judgement approve an <br />application notwithstanding that one or more guidelines have <br />not been complied with: <br />1. Applicants will submit information concerning <br />the proposed financing on a form provided by or <br />satisfactory to the City at least ten (10) <br />working days prior to the Council meeting at <br />which the applicant will seek Council approval. <br />