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• <br /> RESOLUTION 80-040 <br /> A RESOLUTION. REGARDING CITY. POLICY ON THE <br /> ISSUANCE OF INDUSTRIAL DEVELOPMENT <br /> REVENUE BONDS <br /> Whereas, the City Council receives requests to issue Industrial <br /> Development Revenue Bonds (IDRBs) . <br /> Whereas, the City Council desires to have a policy to guide them <br /> in the issuance of such bonds . <br /> Now, Therefore Be It Resolved that IDRBs. shall be issued 'pursuant <br /> to the following criteria: <br /> (1) Bonds will be issued only for those projects which reduce <br /> unemployment, provide jobs-, eliminate blighting or poten- <br /> tially blighting conditions, enhance -the tax base, <br /> utilize marginal. lands,. avoid industry relocation or <br /> other permissible uses. specified under law. <br /> • (2) All aspects of state .law, Minnesota Statutes Chapter 474 , <br /> shall be strictly adhered to. <br /> (3) The minimum amount .of any one issue-.shall be $250,000 . <br /> (4) Bonds may be issued only for new or expanded uses permitted <br /> in the Light Industrial District, for revitalization or <br /> redevelopment, of uses permitted in the Commercial or <br /> Service/Office Districts or other uses specifically set <br /> forth in State. Statutes and. .for which the Council finds <br /> a public -purpose- in addition to the public purpose set <br /> forth in paragraph (1) above.. <br /> (5) The City reserves the right to apply reasonable restric- <br /> tions as to how the funds may be spent on a particular <br /> project. <br /> (6) The City reserves the right to allocate up to 5% of the <br /> entire project funds to improvements serving the general <br /> public welfare such as , but not limited to, energy <br /> conservation, asthetics; pedestrian, bicycle and motorized <br /> vehicle conveyance system improvements; and signage <br /> control. <br /> • <br />