Laserfiche WebLink
CITY OF ELK RIVER <br /> Conduit Bonding Policy <br /> July 2001 <br /> PURPOSE <br /> Under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, <br /> Sections 469.152 to 469.165 (the "IDR Act"), the City of Elk River has authority to issue <br /> industrial development, and health care facility bonds or notes to attract or promote <br /> economically sound industry, commerce and health care in the City. <br /> Under Minnesota Statutes, Chapter 462C (the "Housing Act"), the City is authorized to <br /> issue housing revenue bonds to finance multi-family residential housing projects for low <br /> and moderate income persons and elderly persons. Projects must be embodied in a <br /> Housing Program, as defined in the Housing Act. <br /> The Council is aware that such financing for certain private activities may be of benefit to <br /> the City and will consider requests for conduit bonding subject to this Policy. <br /> It is the judgment of the Council that conduit bonding is to be used on a selective basis to <br /> • encourage certain development that offers benefit to the City as a whole, including <br /> significant employment and housing opportunities. It is the applicant's responsibility to <br /> demonstrate the benefit to the City, both in writing and at the public hearing. The <br /> applicant should understand that although approval may have been granted previously by <br /> the City for the issuance of financing for a similar project or a similar debt structure, the <br /> Council is not bound by that earlier approval. Each application will be judged on the <br /> merits of the project as it relates to the public purposes of the Housing Act or the IDR Act <br /> and benefit to the City at the time the request for financing is being considered. <br /> GUIDLINES <br /> A. Standards <br /> Applications must meet all of the following standards to be eligible for <br /> consideration: <br /> 1. The applicant shall divulge that private activity conduit bonding will be <br /> requested at the time of application for rezoning or site plan approval. <br /> 2. The project must meet the objectives of and be otherwise consistent with the <br /> • IDR Act or the Housing Act and any other controlling laws. <br /> 1 July 19,2001 <br />