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<br />~ . <br /> <br />Tax-Exempt Mortgage Financing <br />Page #5 <br /> <br />5. <br /> <br />'l OOCJ/X)O <br /> <br />g). No tax exempt enterprise shall be considered <br />for Industrial Development Bond financing. <br /> <br />The project, to our knowledge, is not a tax <br />exempt enterprise. <br /> <br />Overall, the companies to be housed on the <br />property appear to be highly reputable and <br />of the nature the city may wish to attract <br />or see expand. <br /> <br />All projects shall exceed five hundred thousand dollars <br />($500,000.00) in cost unless waived by resolution of <br />the Council. <br /> <br />Total project costs are estimated to be $1,126,000. <br />Of this amount, Mr. Moen is requesting approval of <br />$11,000,000 of tax-exempt financing from t~e City of <br />New, Brighton. <br /> <br />ALTERNA TIVES <br /> <br />'1. To approve preliminary resolution for tax'-exempt mortgage <br />financing. <br /> <br />2. To deny resolution for tax-exempt financing. <br /> <br />3. Simply take no action. This would premit time to see if <br />Mr. Moen can consolidate the two parcels. The advantages <br />I see to consolidation of the properties are as follows: <br /> <br />a. <br /> <br />A irregular and difficult parcel would be eliminated, <br />furthering the development goals of the Comprehensive <br />Plan. <br />The initial building could potentially be moved to <br />the east near Old Highway 8 which could eliminate <br />the need for variances. <br />If the building(s} could be shifted to the south <br />somewhat, sufficient property could possi~ly b~ obtainedT~u:~ <br />a full s~zed roadway to the Herbst landf~ll s~te once <br />that property is ready for development. <br />Development of the eastern half of the site would <br />eliminate the existing non-conforming residen tial <br />units. <br /> <br />b. <br /> <br />c. <br /> <br />d. <br />