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<br />" <br /> <br />"". <br /> <br />. 4 <br /> <br />.', <br />~ f <br /> <br />." <br /> <br />,; <br />::!' <br />; <br /> <br />" <br />,; <br />(: <br />):'1 <br />.t <br /> <br />" <br />:t <br />hi <br />!1; <br />~ <br />. <br />i;:f <br />.~~1 <br />i'j <br />~~: <br />;, <br /> <br />c. direct benefit to the City's citizens. <br /> <br />d. retention of employment which might otherwise <br />leave the City. <br /> <br />e. amount of special construction, built-ins and <br />capital equipment which might preclude alternate <br />uses. <br /> <br />f. impact on City services. <br /> <br />g. amenities made available to the City. <br /> <br />h. willingnpss of business to agree in writing to <br />not discourage its employees from volunteering <br />to serve on the Fire Department. <br /> <br />4. No tax exempt enterprise shall be considered for <br />financing. <br /> <br />5. Fair market rental value of the building(s) must be equal <br />to or exceed the total amount of bonds and interest due <br />during equivalent time periods. An appraisal may be <br />required to verify fair market rental value. <br /> <br />BE IT FURTHER RESOLVED, that as part of the application, the <br />application shall present or make available to the City, financial <br />statements and other documents in a form satisfactory to, and to <br />the extent requested by the City. Such documents may include but <br />shall not be considered limited to: <br /> <br />1. Most recent three years' financial statements of the <br />applicant. In addition to the foregoing: <br /> <br />a. In the case of an applicant which is a closely <br />held corporation, a current personal financial <br />statement, prepared on a current value basis, <br />of each of its principal owners, as required <br />by and deemed necessary by the City. <br /> <br />b. In the case of an unincorporated applicant, a <br />current personal financial statement prepared <br />on a current value basis. <br /> <br />2. A financial forecast for the succeejing three to five <br />year period. \ <br /> <br />3. A copy of Dun and Bradstreet's most recent Rating Report <br />shall be provided. <br /> <br />4. If the applicant is an established firm, it shall demonstrate <br />that the net revenues, before deducting depreciation and <br />interest charges on existing debt (and/or least rentals <br />on other equipment facilities) and Federal State income <br />taxes, shall have been, for the last two (2) previous <br />fiscal years, not less than 1-1/2 times the annual <br />principal and interest due on the applicant's debt not <br />outstanding plus the principal and interest payments on <br />the bonds proposed to be issued. If the applicant does <br />not have the two previous accounting years to use for the <br />base, pro forma projections shall demonstrate not less <br />than 1-1/2 times cover. <br /> <br />-2- <br />