HomeMy WebLinkAboutResolution 1125I F1-__
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ALSOLILIVON ULTTING GU11)Lj,1NL.S 101( IS!�UANCU
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OF TAX MUMPT INDUSTPTAI, DVVV1AWMFNT BIMU)b OF
IMANS BY THE CITY
WHEUM8, Minnunota Statutub petmit Clio is-muance of tax
axampt industrial develorment iciajia hcn(JA (IDWS) 'In 04608
whoru qonstruntiton of now facilitittN w-111 increase a community's
tax b4se, relieve unempInyment, njimintato blignt or threat of
b1iijilt ",,a jituvide j-_ jjvf_-_jcd product �.ir sorvicc, ard
W - HEMANt per*ons a - nd firms sock a gancral framework within
W11J0171 Lj1Q_y MAY LP ijulded it raquesting tax free financingi
NOW, THUREFOREt BE IT PU5Q?,V11-'D hy thu City Council of the
City of Mounds Viewi
WHEREAS, in some cones Lhe City might nOt be able to
attr4ot or rotoiji a desirable business or industry unless the
..cfty maker tax free financing Gvai!Ablo, and
waniticis htve made on
WHEREAHo othor st;$-Loa ald Other onm I U
EEL—
-kinq use of tax orempt finanving to attrazt h4ue rial
..—development,
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t!,Iz city we-1comes industrial and commercial
kk_
_d",61VPMGnt:and industryl and
W - HEMANt per*ons a - nd firms sock a gancral framework within
W11J0171 Lj1Q_y MAY LP ijulded it raquesting tax free financingi
NOW, THUREFOREt BE IT PU5Q?,V11-'D hy thu City Council of the
City of Mounds Viewi
V
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OXOMPI 490abtrial de-vp-lopmorit joi-jr1g, JILIWO-er, apt-1131cants und6r-
4tand that, notwithatajidinq ubgorvanoe (.�t thoub qu.-WellnuR, th@
CitY Council III&Y 4-11 Ar, Role Jndqumant roject an applicau
lon ur
thAt- the City C-(-)Ullc:iA- MdY iD its sole judgeme=kIlt approve an
aPP1XCAti0n n0twithatanding that Or thore a a tin
4uide�isi h v t
been complLed wi,thl
kPPlicklltO wlll submit Into,7mation conc-ernino Lho,
propomed financing an j ro,
pjrjvicjL.tj jjy vr
U
HaLisfactury to thti Citv at joblit ten wark4ng days
prior to
the Council meeting at which the appli-
ennt will 3aak Vniinr!i i :!I nnrf�kif
2. The facility must ba Ono Whievi might t otherwise
no
VM#in or pand its f-SCiliti4s in th#:
Cify In tha abeined of IDB flilancing.
3i The pro:�jwt must .4413 tignific ntly to the CU
ty's
tax �n$4, to dmpioyment upporL,111itics in the City
eliminate or prevent bliqht-
1 marg.l.n.-Al
or provide a tvaudid prod-ij-t---or service not
e'vollable to the cilty's inbabitants.
4# The Cl-ty will ganurally be adverst to financing
special purpose type structurap not adap,*abje to
other uu*x,
Iw-.qu I " t I 1, 1. N�1. . I I -, "
4-
t 1 i;C2 t
t-liv Ount (A rmch irupro\,erz.unt w.111 tw gpoulally
v. uwvu -lint-0- LUJILtittOd propurt4v-s
6. Thia City will thkan im-rtgaqF revenue, note or
exc-MIA to iw aasurfied by a
3hVJD16tOrQ WitlJoUt
racourne to tho clity ilrid Which imPOReN tic' collee-
tion or onforrewient 61ilic I I
jmt�nns on the City and
Whic-h allMinaLeR dnY POssibility of the City or
itx officers being named as a party In any
11t.1-gation in thv ovont of default by the pri-
mary borrower or tenant of the promises. 7�he
C I *-',y Will nOt be Qb1i,gAL6d,to find another tenant
or buyer of thfj% fLafinchad preatirsen in the eAotnt
of default.
7. if, othe..: thin sophist'icated )-uyd
r, lion recourso
X-QK(-Lj4Yw rcvvj1uv nota -ar bond fi�&6cinq in to tie
uat.A, the "Ity will not cvj-IbjjLj favurably, pru-
PEN jectS, t/he financing fox which will be less than
$750,000.
H. The City will not favor tAx exempt financing for
retail or service e*tabllshments Or businesuen
or JnultifajAi'&y ljouijilly.
10. The apPlicant shal ' depovit not less than 550u,
With thQ illij.-I lCilt'vem to ruiver (:ity nciminirtrative
expenneu which duipDvii, is roji -t-funflaile.
11. The City rvAurvar the riqht tu amploy legal,
ecit. juntinq , a pprai st, I, f Inaric.4. a I, o jig inevring,
aich1tecturalt, and other cuni6altarttv to review
the proposed project and its financing, and the
coilt# tege/tItur With admlinimtv4tive expense, shall
be paid by -the applicant, whother cvr nc)t the City
jqrses to finance the project lur whether or not
It 15 bLil%, The City rvaerves tr-.e rignt to
regitire a camh depogic sufficiont to cover such*
cunsultinq costs. Any unkxpended btalance of such
deposit shell be raturnod to the applicant if the
project in aborted for any reason. if the project
in apprr-v-J, the City will allow said expenses to
beconle part of the project cout financed.
*12. Dopanding on t I lie tacts, the City irtay raquire the
applicant to establish and maintain a significaht
equity in the structure and to maintain a reserve
balance or deposit of securities with or for t�#
Tjq� E ' I f - W I
ri
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L'"ki I lit!ki h
Wit I f It
J L-411 t'.h I t -i" 'It
I Jill 'A Ilm I t j .11(i I
tase parmltu
unluan
an i11tVnt1()1l
t" rucluosit --ach,
finnncirp in
L_
communicnted U) tLe
Cir- i
--, _)rior tc:
apply.,w] ior
1-kich
litarilil"V,
10. The apPlicant shal ' depovit not less than 550u,
With thQ illij.-I lCilt'vem to ruiver (:ity nciminirtrative
expenneu which duipDvii, is roji -t-funflaile.
11. The City rvAurvar the riqht tu amploy legal,
ecit. juntinq , a pprai st, I, f Inaric.4. a I, o jig inevring,
aich1tecturalt, and other cuni6altarttv to review
the proposed project and its financing, and the
coilt# tege/tItur With admlinimtv4tive expense, shall
be paid by -the applicant, whother cvr nc)t the City
jqrses to finance the project lur whether or not
It 15 bLil%, The City rvaerves tr-.e rignt to
regitire a camh depogic sufficiont to cover such*
cunsultinq costs. Any unkxpended btalance of such
deposit shell be raturnod to the applicant if the
project in aborted for any reason. if the project
in apprr-v-J, the City will allow said expenses to
beconle part of the project cout financed.
*12. Dopanding on t I lie tacts, the City irtay raquire the
applicant to establish and maintain a significaht
equity in the structure and to maintain a reserve
balance or deposit of securities with or for t�#
P-- , , , - , -,
1 t
agail)&'. (I ICaBL-
r.at.IafdUt=ory
or a written c0lifirMation by a pati(-q-ldlly
linown crtidit rating Acrv!cF- rl,4 DU
t t., nj ji
or
!"Lr oejrr,�, zqt
F
IOa-IL an Ijc-rn9e il-lvLtitment (fraju Ldtint�,
*13, Thu- ennipany Will tj'Aaranr-ew- P -
I - ayment Itf leftse
ini-at-allments for the lifu of the 1088, and
maturity of the joan or c)f the bor,(J# issued.
*14. Tile fair marilk.
t rental value ft)r ffelIleral
purposes (.,lot solely fGz c!.,, a Pplicantle
purpn-Ae) must at least uqual the &:.Aual
dud OUVing the lift of thq iqEaa.and the
apprai3ed-valut jh&jl at l9gut (lual t
be
principal Amr-unt ^I 4*he loa.vj or bond-, to �C'
I
.ssuod.
*PPliCant Shall be require d to complete
the project As dencribed from its pwn funds
CIOUld the procoode prove to be inadequate for
the purpose. The applioant shall requiro a
100% performance laond of thO building, elec-
trical, mechanical and other cOnti'acturs
iJUJ-i6.klI'J accord -
A119 to specifIcations And withl% agreed con-
tract pricon.
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Materisked itoms apPIY Partil,'uldl:ly ir vo-ior than muphiatiCfited
buyer, non-rocourse In j-tj-jcjajP rovenue note- or ho d financing io
to bt. ilfiod. 11
t
J'�; ,-I W!r. t o 01
f odu I a I w,,tj) 411v is-Inw tJ
ljondn or 1c,011P I-,- tli�_- City 1�1.iy
require a ewre-L'j blPfid tc, annurC UJI0 ,OJ -
harmless" p)OVICILIn.
-all bo paid mit It -91;
than Monthly into n r4j-W-ViAl City jjce�o.Int with
tilt! tru@tpt-" anm tlir- truntea dhail bu r4uquirod
to invest cumulated rent until ne-QaOd to PRY
prir.cipal and tntoreat on the bondm or loan.
-1 CevdP
U %W .� an -
in adiiti.on, thO LOn PyQ
FIT
reserves or capitali4ad intares, for the pro -
ject nhall he investou. mvuscment se.Lnin#48
ACCy-le to thu DcIWL�L Of thu �;ILY d"u
Lmxcem; pot nao-ded tor debt service shall
be paid over to the CitY not loss than annu
ally, ania such amounts may be ubed for any
im-wrul r-Aty purpcnc.
Materisked itoms apPIY Partil,'uldl:ly ir vo-ior than muphiatiCfited
buyer, non-rocourse In j-tj-jcjajP rovenue note- or ho d financing io
to bt. ilfiod. 11
C i 41
t 11C
utj
t lu
f pri aniouni of t
it �ar� a lid of ut ally T'a I', exccrifi Of
$1 MJ 111 Cin Wh icil ro a I i bm U FLd kj ti ic. C I t,j f or
-it-aneral voiTuriercial and 1_11(iur�tl lal
pUrpoI4014 Or f0T luOtiftlate City Pur -
Pose. Thu City Will alluw tile applicant to
Pntvi thlt4 cL;nt- 311tti O -V I-I"ject CO',.'t for
PurpouWi.
19. 'rho CitI., resorvo.- tile right -=o deny Any aPJJCd-
a
tion .-or any reason anu Li,� U� I
spp,licatio,,% at AnY time bwfore actual issuance
of bunda or a lohn witho-it I.Aability of the Cityt
f f i cure, or agents v L I'd
npplicant, the vnderwriter, attorneys, or othf)t
cuunsvI absociated with thr prujmct. The Ctty4
pouition io tnat nL, %,plicant has a right to
nave tile City rijjfAjj%_.. arty such projuct. and it'
submitting suvh an application, the applicant
reco4hi2fill ind accepts that policy decision
whathar or not these quidplitles -ire followed in
other respecto.
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ATTEAT I
tMLI
P.I'p. H : zf H,
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or u L j- I i ca t I ot i t�j thu appl-Luan*., _Ln
Whicil ('VvF)f Vfjl� 'IpplIvni't 'to r)(JI11
tu recc ver any al�equl;A uy f,.crl
the City and no, rigna, to require the city to
complutu the firliAncitia.
"it al-1:11CF11-ft hw4c flu I-ifflit to '14F.Ric]n any
lie
'Ittlit- (jr privillu�jw" undc-r il-l- pro.limi-
j1di.4- a-�L.Ikjjj jY ..it- �—L�j j Itj CUU'.IL:ii ur
strdtive staff to any QLJIUr p@rson or firm, All
applicatic)ns will name the real parties in interest
in tlig prio-Alvat itteluding t1w principal 9tockholCars,
if R curpordtion,
Adoptud thI3 14th 13-dy pt July, 19 b U.