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_ ~ .;• . <br />'i'u: Individuals Interested in the City's Policy Relative <br />to Tax Ext.mpt Financing Approvals. <br />• <br />E•'t<uM: u~nr-is 5. Zylla, City Manager <br />UA'I'E: •!i«~~mber 27, 1979 <br />En~•tc,5t:~i >,s itesulutiori X2168 which estab~shas industrial/ <br />cuu,;:~~~rCial d~:velopment:rtvdnue.bond and tax exempt mortgage <br />fir;<-n~_ my policies for tie .City of New Brighton. Also <br />Lrt~ lu.lu~t is an al~plicatiun foL-m tur both financing methods. <br />Ar-y app 1 i ;ant stl<~uld be able to support that his project <br />,nu~cs Inc, ur n-ore of tha yuid~:lines identified ay 1 through <br />5 un c»~3t5 1 an~i 2 of Kesolut ion # 2168. <br />F,n .-t~c~l i~.-rct 5t:ukiny industrial revenue bdnds must also be <br />pruE~ar~•<t to pt'uvi~ie the fi~tancial intorniatlon specified on <br />pa~_J~.s :' ar;~ 3 of the E2usolutiort. 'Phis includes -payment <br />~t .~ S_', 5~)0 uc:pgsit. An applicant itlterested in a tax <br />CiCulni~t n;c,rt~~.~ye, in lieu of industrial rav~nue bonds, is <br />rcryuiru~? tc~ only present the information contained urt <br />t~_-~;u -1 -mot the resolution. ttow~vcr, the yui~3~:lincs from <br />~~,.iyu5 1 ,,n,j 2 must still tic mot for the City to consider <br />arry pt r~1~c,5~- 1 . <br />Thu rc)] low i ny pruc:c'_dUrC 5ha l 1 1» utilized Vy an appl Kant <br />ir- ~t~proa~t-Lny the City Cuunci 1 fc;r the r~~uirtd tax exempt <br />ri,;ur„iny sppruvais n~:u~:ssary to tac:ilitatu any project. <br />1 , !fin .t1~p1 icant muets with th` City Manager tp review <br />thu 1~rc~pos~ci pro jec:t in order to determine the <br />rua5it,ility of pruc~eciirty to the City Cuunc:il fore <br />,~ t in~i i rty by the COUr1C1.1 as tU the acc:Cpt.xbi l i ty of <br />th~_ 1,ru~~ct fir a tax. ~:x~n;pt rnurtyay~: ur industrial <br />rtcVL:I~UI'• iJUrllls. <br />2 . 1 t thu app 1 icsnt dec i~te5 to pL-uceea to the City <br />c;uun~il, the applicant completes the City's tax <br />uxurt-pt application form ana submits it to the City <br />ti+.~ n.t y v t: . <br />3. '1'tlc: City. Manager 5cttetiules thu applicant fur a <br />c.' i t.y -'uun.: i 1 syc:ncla and pruvi~jes the City .Council with <br />~~-E~N~,rt.in~3 c-~ncept. discussion information. The applicant <br />t; r~.~titiud of the date snd time that the City Cc,uncil <br />wi 1 1 ~.;c~n5id~r the app 1 ic~nt' S request. <br />4. I~t .~ C~~uncil nreetiny, thu City Council will make a <br />t.rulLminary tindiru~ as to thu probable acceptability~• <br />„~ r_h~ 1~rciiuct fur tax c;xun;pt financlny. This preliminary <br />