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The view of individuals and businesses expressed at the public hearing on the project <br />will also be considered. <br /> <br />C. Procedural Provisions <br /> <br />A project will not be given £mal approval until all City planning and zoning <br />requirements have been met and all related permits and approvals have been <br />issued. Planmng and zoning matters may be considered simultaneously with <br />preliminary approval of the project. <br /> <br />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 /> <br />3. The Council resolution giving preliminary approval to a project shall specify: <br /> <br />ao <br /> <br />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 /> <br />bo <br /> <br />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 /> <br />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 /> <br />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 /> <br />5. The following fees for the processing of applications are established: <br /> <br />a. A fee of $5000 due upon the submission of the application, and <br /> <br />One-half of one percent of the principal amount of the bond due upon <br />issue of the bond. <br /> <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 /> <br />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 August 16, 2001 <br /> <br /> <br />