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<br /> . . . <br /> Minutes of Special Council Meeting <br /> Thursday, November 8. 1984 - 8:00 p.m. <br /> Page Three <br /> Comments from the Floor Relative to IRB Financing <br /> Bob carlsoni 1482 Bussard Court asked the purpose of funding the <br /> enterprise n this manner. Deans listed some of the items from the <br /> Resolution: <br /> 1. To assist in selective development of the community. <br /> 2. Sustain and improve the tax base. <br /> 3. Help provide the range of services and employment <br /> . opportunities required by the population. <br /> 4. Assist the City in achieving these objectives. <br /> 5. Increase the assessed valuation in the City. <br /> 6. Help maintain a positive relationship between .assessed <br /> valuation and debt. <br /> 7. Enhance the image and reputation of the community. <br /> Deans noted that statutory policies include promotion, attraction <br /> and encouragement and development of economically sound business; <br /> to prevent the emergence of blighted and marginal lands; to prevent <br /> areas of chronic unemployment; to prevent the movement of talented <br /> and educated persons, to provide for an adequate tax base; to <br /> redevelop marginal land; to aid in the correction and persistence <br /> of unemployment - anyone of these, State might accept. <br /> Dr. Doug Jensen (Minnesota Veterinary Hospital) <br /> Who would be administering the use of these bonds? <br /> Deans - I guess I'm not entirely certain as to your question, <br /> Doctor, but what happens when bonds are issued, they are purchased <br /> generally by a financial institution - a major bank; the City signs <br /> all its rights to the bank, and the bank administers it. <br /> Jensen - Doesn't someone for the City oversee to see that the funds <br /> are disbursed? Would you also comment on the guidelines for IRBs <br /> pertaining to percentage that can be used for land, the job ratios, <br /> the amount of money issued? - some of those factors - a breakdown <br /> of where this money goes. <br /> Deans - There are no specific requirements on the number of jobs to <br /> be created. <br /> Jensen - No guidelines? <br /> Deans - No, there are not. There are guidelines when you apply to <br /> the competitive pool. I don't think I have all the stuff for the <br /> pool. We got the allocation from the State. We only had three <br /> points, but there was sufficient money available and the State <br /> . felt it was an appropriate project to grant $400,000 out of the <br /> total State allocation for this purpose. There were changes in <br /> the tax law this summer that deals with the percentage of land <br /> that can be purchased - I don't have the material in front of me, <br /> but, as I recall, this project is within the guidelines estimate <br /> total amount of the project - total amount of project is somewhere <br /> over $500.000 - It is within that limitation on the land, as I <br /> unders tand it. <br /> Jensen - This will be re-submitted to the State for more complete <br /> review? <br /> Deans - Yes. <br /> Jensen - The State then makes its decision on the quality of the <br /> project. <br /> ,~ <br />