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MIN <br />CTF.NF.R A T . <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 />Under Minnesota Statutes, Chapter 462C (the "Housing Act") the City is authorized to issue <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 />1 <br />