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RESOLUTION 79-5 <br /> RESOLUTION SETTING FORTH CRITERIA AND PROCEDURES FOR THE ISSUANCE OF <br /> INDUSTRIAL REVENUE BONDS <br /> WHEREAS, The City of Elk River is a growing and expanding community, and; <br /> WHEREAS, Chapter 474 of the Minnesota Statutes permits municipalities to <br /> assist enterprises wishing to locate in the City through the issuance <br /> of Industrial Revenue Bonds, and; <br /> WHEREAS, It has been deemed desirable by the Elk River City Council to issue <br /> Industrial Revenue Bonds in attempts to encourage the development <br /> of sound business and industrial interests in the City. <br /> NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of Elk River <br /> that the following criteria and/or procedures shall hereby be followed <br /> in the issuance of Industrial Revenue Bonds: <br /> I. The project shall be compatible with the zoning and land <br /> use ordinances of the City of Elk River. <br /> II. The project shall be of a nature that the City wishes to <br /> attract or an existing business the City wishes to have <br /> expand within the City, considering potential for employ- <br /> ment, incentive for future development, impact on City <br /> • service needs and support for industrial or commercial <br /> operations currently located in the City. As to the impact <br /> on City service needs, the applicant shall furnish a written <br /> statement as to its proposed needs for municipal services, <br /> including but not limited to water, sewage, and possible <br /> highway improvements. <br /> III. Any proposed facility must be of a type so as to be readily <br /> adaptable to a successor tenant. <br /> IV. Tax exempt mortgage financing will be allowed as an alternative <br /> to bond financing, but will be subject to the same policy rules <br /> and regulations. <br /> V. The applicant's proposed facility or expansion of an existing <br /> one shall provide additional new jobs within the City. <br /> VI. The applicant shall be required to furnish eight copies of <br /> the following materials: <br /> a) Certified annual audits for the last two fiscal <br /> years. <br /> b) The most recent quarterly financial figures. <br /> c) Most current rating report of Dunn and Bradstreet. <br />