HomeMy WebLinkAboutRES 80-040 RESOLUTION REGARDING CITY POLICY ON THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS Meeting Sheet
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102759
Box: 23
Folder: RES 1980
Document: RES 80-040 RESOLUTION REGARDING CITY POLICY ON THE
.ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BUNDS
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RESOLUTION 80-040
A RESOLUTION. REGARDING CITY. POLICY ON THE
ISSUANCE OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS
Whereas, the City Council receives requests to issue Industrial
Development Revenue Bonds (IDRBs) .
Whereas, the City Council desires to have a policy to guide them
in the issuance of such bonds .
Now, Therefore Be It Resolved that IDRBs. shall be issued 'pursuant
to the following criteria:
(1) Bonds will be issued only for those projects which reduce
unemployment, provide jobs-, eliminate blighting or poten-
tially blighting conditions, enhance -the tax base,
utilize marginal. lands,. avoid industry relocation or
other permissible uses. specified under law.
• (2) All aspects of state .law, Minnesota Statutes Chapter 474 ,
shall be strictly adhered to.
(3) The minimum amount .of any one issue-.shall be $250,000 .
(4) Bonds may be issued only for new or expanded uses permitted
in the Light Industrial District, for revitalization or
redevelopment, of uses permitted in the Commercial or
Service/Office Districts or other uses specifically set
forth in State. Statutes and. .for which the Council finds
a public -purpose- in addition to the public purpose set
forth in paragraph (1) above..
(5) The City reserves the right to apply reasonable restric-
tions as to how the funds may be spent on a particular
project.
(6) The City reserves the right to allocate up to 5% of the
entire project funds to improvements serving the general
public welfare such as , but not limited to, energy
conservation, asthetics; pedestrian, bicycle and motorized
vehicle conveyance system improvements; and signage
control.
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-0) The City Council reserves the right to. amend, modify or .
suspend any criteria. when deemed to be in the general
public interest.
Adopted. this day of Q.ii � , 1980 .
i�
Mayor
ATTEST:
Clerk
Reviewed for administration:
Cit Manager