PRECA 05-04-1983 - Laserfiche WebLink

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I{ WIiFRET~fi thc~ tax-e~:~m; t mortaage is s ~ mi Iar to nn ' ~~ I nriust ri a l P~c•~•e lc~ ~~ nt Re• •enue Bond with the exce ti on tha t ! the tax-e}:emit m~~rtgage is structured and preGented in a manner i~3entical to that of a ccm•entional mort~lage .loan and projects ~ which are legally eliaible for I.R.B financing can be !revaluated on the. basis of traditional mortgage loan under- writing principles. tJOt•1 THEREFORE BE IT RESOLVED, by the Council of the City }f of New Brighton, That, in considering an application for a I. tax-exempt mortgage loan: ~~ 1) The Council recoanies that the. guidelines required. ~i for Industrial Revenue Bonds are not directly ~ aprlicable to tax-exempt mortgages, but desires that ~' the guidelines be utilized to the extent possible in !i considering tax-exempt mortgages. ~~ 2) The Council shall require a financial feasibility letter r~ from an intended lender or underwriter to accompany.. ii an application fora tax-exempt mortgage. Preliminary I~ approval of the application would be by .resolution. ~, !, 3) The Council- shall require a commitment letter from the ~( intended lender for a tax-exempt mortgage before approving a final resolution for a tax-exempt. mortgage. 4) The Council shall reserve the right to approve or disapprove allapplications f.or a tax-exempt mortgage on an individual case-by-case basis. I 5) .All expenses incurred by the City in connection with.-the tax-exempt mortgage shall be rn uired to be aid. ~I p by the applicant whether or not the tax-exempt mortgage loan is closed or not, and the City shall determine whether a I' deposit is required or not on an individual case-by- ~, case }axis. ~~ ~; '~ Adopted this 13th ATTL'ST: day of February 1979- James W. Senden, Mayor I~ 1 ;~ Venjon C. Pederson, Clerl:/t~tanager ii ~~ ,~ ,, ~SF11i~1 ,~ i ~~