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The view of individuals and businesses expressed at the public hearing on the project <br /> will also be considered. <br /> C. Procedural Provisions <br /> 1. A project will not be given final approval until all City planning and zoning <br /> requirements have been met and all related permits and approvals have been <br /> issued. Planning and zoning matters may be considered simultaneously with <br /> preliminary approval of the project. <br /> 2. City officials will not deliver documents for the issuance of tax exempt <br /> obligations until all required fees have been paid by the applicant to the City. <br /> 3. The Council resolution giving preliminary approval to a project shall specify: <br /> a. That the approval given terminates one year from the date of the <br /> resolution and may be renewed only upon request of the applicant. <br /> b. That the applicant agrees to pay all required fees and reimburse the City <br /> for any and all costs incurred by it in the financing,whether of not the <br /> bonds are issued. <br /> C. That the City reserves the right in its sole discretion to withdraw the <br /> preliminary approval at any time prior to the issuance of the obligations of <br /> the project. <br /> 4. The Director of Economic Development is responsible for the administration <br /> and processing of applications for conduit bonding. The Director of Economic <br /> Development is to prepare and revise from time to time, necessary application <br /> forms and informational material in order to carry out the objectives of this <br /> policy. <br /> 5. The following fees for the processing of applications are established: <br /> a. A fee of$5000 due upon the submission of the application, and <br /> b. One percent (1%)of the principal amount of the bond due upon issue of <br /> the bond. <br /> The City is to be reimbursed and held harmless for any out-of-pocket expenses <br /> related to the conduit bonding including, but not limited to the City's issuer <br /> counsel and other legal fees, financial analyst fees, bond counsel fees, and the <br /> City's administrative expenses in connection with the application. The applicant <br /> must execute a letter to the City undertaking to pay all such expenses even if they <br /> exceed the deposit. <br /> 6. The applicant must select a financial advisor or underwriter reasonably acceptable <br /> to the City to assist the applicant in preparing all necessary <br /> application documents and materials. The financial adviser will submit <br /> 3 April 2010 <br />