Laserfiche WebLink
�Y <br /> .S <br /> l <br /> .k <br /> PART I <br /> v <br /> GENERAL <br /> Under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 <br /> to 469.1651 (the "Industrial Development Act"), the City of Arden Hills has authority to issue <br /> revenue bonds or notes to attract or promote economically sound industry and commerce to the <br /> City. <br /> k <br /> Under Minnesota Statutes, Chapter 462C (the "Housing Act") the City is authorized to issue f <br /> housing revenue bonds to finance multi-family residential housing projects .for low and moderate <br /> income persons and elderly persons. Projects must be embodied in a Housing Program as that term <br /> is defined in the Housing Act. <br /> The Council is aware that such financing for certain private activities may be of benefit to the City <br /> and will consider requests for tax exempt financing subject to these Guidelines. The Council <br /> considers tax exempt financing to be a privilege,not a right. <br /> It is the Judgment of the Council that tax exempt financing is to be used on a selective basis to <br /> encourage certain development that offers a benefit to the City as a whole, including significant <br /> employment and housing opportunities. It is the applicant's responsibility to demonstrate the benefit <br /> to the City,both in writing and at the required public hearing. The applicant should understand that <br /> although approval may have been granted by the City for the issuance of financing for a similar <br /> project or a similar debt structure, that is not a basis upon which approval will be granted. Each <br /> application will be judged on the merits of the project as it relates to the public purposes of the <br /> Housing Act or the Industrial Development Act and the benefit to the City at the time the request for <br /> financing is being considered. _ <br /> In no event will the City issue private activity bonds for the primary purpose of financing operation _ <br /> expenses of any borrower; provided that bond proceeds may fund reasonable operating and <br /> replacement reserves where the primary use of proceeds is to finance capital expenditures. <br /> t <br /> 1 <br />