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<br />1'/' <br /> <br />'i <br />1 <br /> <br />, <br />,J <br />': <br />i <br />i <br />i <br />-j <br />;j <br />i <br />~i <br />'. <br />;1 <br />:ii <br />'l! <br />.,~ <br />~ <br />~ <br />~ <br />l~ <br />~ <br />g <br />;',1 <br />~ <br />;;! <br /> <br />~ <br />~ <br /> <br />'C <br /> <br />"""~ <br /> <br />.. <br /> <br />.' <br /> <br />~" ~: I. ~ <br /> <br />RESOLUTION NO.85-114 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />A RESOLUTION ESTABLISHING A POLICY FOR INDUSTRIAL/COMMERCIAL <br />REVENUE BONDS AND TAX-EXEMPT MORTGAGE FINANCING <br /> <br />WHEREAS, Chapter 474 of Minnesota Laws authorizes <br />municipalities to issue Industrial/Commercial Development <br />Revenue Bonds, and <br /> <br />WHEREAS, tax-exempt mortgages are similar to Industrial <br />Development Revenue Bonds with the exception that tax-exempt <br />mortgages are structured and presented in a manner identical <br />to conventional mortgage loans, and <br /> <br />WHEREAS, the purpose of these bonds and mortgages is to <br />promote, attract and encourage economically sound industrial <br />and commercial development in order to: <br /> <br />1. Discourage emergence of blight and marginal landsi <br />2. Prevent or alleviate chronic unemploymenti <br />3. Preserve community and state investments in <br />educational and public service facilities, and <br />4. Encourage development and use of land to provide <br />an adequate tax base to finance the costs of public <br />services, and <br /> <br />WHEREAS, the City Council for New Brighton wishes to preserve <br />and expand the quality of such commercial and industrial develop- <br />ment and their associated benefits to the City. <br /> <br />NOW THEREFORE BE IT RESOLVED by the City Council of the City <br />of New Brighton, Minnesota, that the following guidelines be <br />utilized when considering a request for issuance of Municipal <br />Industrial Development Bonds and Tax Exempt Mortgages. <br /> <br />1. The project shall be consistent with the City's <br />Comprehensive Development Plan and other existing <br />codes and statutes. <br /> <br />2. The project shall be compatible with the neighborhood <br />where it is to be located. <br /> <br />3. The business shall be of a nature that the City would <br />desire to attract, expand or retain. Guidelines to be <br />considered in making a determination shall include: <br /> <br />a. number of new jobs to be created within the City. <br /> <br />b. amount of traffic to be generated by the business <br />in relation to types of vehicles, number of trips, <br />and routes. <br />