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t, <br />t -4- <br />41111'{?(;A.; t he t ax-c,x, ?mf t. nortgage is :; i mi la i° to tin <br />l ndust r i a l DCVO l0f+m1 •nt. Revenue Bond with the exception th at <br />the tax-exempt: mo>rtyage is structured and presented in a manner <br />identical to that of a conventional mortgage loan and projk?,(:ts <br />which are legally eligible for I'.R.B financing can be <br />evaluated,on the basis of traditional mortgage loan under- <br />writing principles. <br />NOW THEREFORE BE IT RESOLVED, by the Council of the City <br />of New Brighton, That, in considering an application for a <br />tax-exempt mortgage loan: <br />i 1) The Council recognizes that the guidelines required <br />for Industrial Revenue Bonds are not directly <br />applicable to tax-exempt mortga(les, but desires that <br />the guidelines be utilized to the extent possible in <br />considering tax-exempt mortgages. <br />2) The Council shall require a financial fcasibility letter <br />from an.intended lender or underwriter.to accompany <br />an application for a tax-exempt mortgage. Preliminary <br />approval of the application would be by resolution. <br />I 3) The Council shall require a commitment letter from the <br />intended lender for a tax-exempt mortgage before <br />approving a final resolution for a tax-exempt <br />mortgage. <br />f' <br />j, 4) The Council shall reserve the right to approve or <br />disapprove all applications for a tax-exempt <br />mortga(ie.on an individual case-by-case basis. <br />5) All expenses incurred by the City in connection with the <br />tax-exempt mortgage shall be required to be paid by the <br />applicant whether or not the tax-exempt mortgage loan is <br />closed or not, and the City shall determine whether a <br />depos=it is required or not on an individual case-by- <br />case basis. <br />Adopted this 13th day of February 1979 <br />ATTEST: ames W. Senden, Mayor <br />i <br />• Vernon C. Pederson, Clerk Manager <br />t <br />(SEAL)