HomeMy WebLinkAbout79-025Lr y
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RESOLUTION 79 ^25 -
Resolution for Industrial and Commercial Development"
Revenue Financing under MSA Chaper S r.
.Motion -b Y: Watkins .:" Seconded by Busse -
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WHEREAS, the Minnesota (ndustrial Development Act is designed 4o ; ,
1, Aid In the develQMent,o ecan9mica'1 y'so`und
industry and `coin , merce. }
2. Prevent the e of b r �htec�
ig a►`eas and mrD.Sal.,
landsr and g i fort` th'e redee3n ment
rdv'de � .. P t here of, : , ,
,
3. Aid in ?(ncreaising employment +
' 4. +, Inc rease the, ax base o shunicipali and o the F<
other taxing authorities.' „ :.
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's 5. Protect existing jobVb d i scourag ing m ig rat ign'of
mtn rota firms t"a ether state,
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NOW? 1•HEREFQRC, BEuIT ( ;ESQLVEO' by the City Council "of Qrior.'Lake Minnesotan
.r that the foi lowir4g criter.ra a're 'hereby adcipted as guidel rnes` in co °nsidering
.applicaGlons foi ° 'i,�dustr,ial, and`'commercial revenue fi'ninrring,� "
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1, The minimum size of 'any industrial or "V commercla"1
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financing shall be $500,000,
to
2.. The-total amount of,' the f i nanc ing noV exceed
,shall
the total value of the project
a` ?Y 3. The term of the proposed note. or bond indebtedness
shall not exceed the useful "fi of the project.
4,,The referred type of financin - c
P � YP 9= f9r comrg0c 11
¢ evelopment issues shall be a mortgage revenue note
to be sold
, only to i'rr #titutional investors f
r „ 'One hundred percent f inancing sha be considered
:,
acceptable to the City in case of revenue bonds r
sold as° private placements,
(612) 447 -4230 4629 DAKOTA STREET S.E. PRIOR LAKE,, MINNESOT ' 55372