HomeMy WebLinkAboutCity Council Resolution 1974-469CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a special meeting of the City
Cour i1 of the City of Plymouth. Minnesota, was he on the 30th day
4f' _eptember , 19 T4 . _The following members were present: mayor
�t � two►
Councilman Hunt introdeced the following Resolution and
moved Its adoption:
RESOLUTION NO. 74-469
REVISING THE CITY'S INDUSTRIAL DEVELOPMENT BOND POLICY
WHEREAS, the City Manager has recommended that the City Industrial Development
Bond Policy be revised in his report of September 24, 1974,
NOMI, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH that the. Municipal Development Bond Revised Policy be and the same
Is hereby amended as indicated on the attached Exhibit A.
The motion for the adoption of the foregoing Resolution was duly seconded by
,and upon vote being taken thereon, the
o owing vo a in favor t ereo Mayor H11de, Councilmen Hurtt and
S aeth
e Tollowing Voted against or staine Councilman Neils
Whereupon the Resolution was declared duly passed and adopted.
sr�e airye *+�
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EXHIBIT A
POLICY CONCERNING REVIEW OF MUNICIPAL
INDUSTRIAL DEVELOPMENT BOND REQUESTS
Resolution 74 -
September 30, 1974 (Supersedes Res. 73-349, September 4, 1973
and Res. 74-258, May iL0, 1974)
The V433ase City Council has been granted authority to issue Municipal
Industrial Development Bonds by the terms of the Minnesota Industrial Development
Act of 1967 as amended.
The Piymeuth 640y GsuaW hoe taken a pes444en €aysr4as the 4ssuanee of
Ngn4a4po4 industr44 Reveiopmment Wars under acme senerai 90644nes. The Council
Is aware that suchfinancingfor certain types of 4ndestr4es or bus4nesses-industrial
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Viand commercial enterprises may be of benefit to the cosmunityw and, accordingly,
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has indicated its willingness to consider requests for Industrial Development
BOW financing, prov4ded the app44eants meat eerta4n requ4remeats. subject to the
;
f0lawine guidelines;
1. The proposer deve4pmeet shah be of a type wh4sh 00s an unusmgai or
•
4mportast neer wiO4n the eommin4ty, or, opposer to the typo of deveiapnent wh4sh
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my be aens4rered as nerea4 or pieai4tu4 4n piymouth. it sha44 make a s4sn4€4esnt
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sentr4but4on to beth the eapans4en of the G4ty's tax base and empieyment. The
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appi4eant shah be requ4r*d to 4nd4tate haw the proposer reveiopment w433 bene€4t
the tax base by 4nd4eat4nG the Mass wh4sh womW have been pa4e drr4ng the most
meant tan yoir. based upon the proposed prejeo rests. The app4sant sha44 further
4aaie the nrmeber si jobs to be ara
M4ated and the nature of these Jobs. In these.
'
4astanees where reveiopment 4s to take Picea 4n stases. the m?oreso4n9 data 044 be
mss.
Prov4ded for eaeh stage.
The industrial or commercial enterprise shall be compatible with the
overall development1p ans and objectives of the Ci�tr.
2. The prospeet4ve lessee shah be an estab4shed sontera w4th a good. a 44
tred4t rat4ns, remonstrated €4nane4ai pos4t4on and Said future earn4nys prospeel. in
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ewer to remonstrate these matters. an app44sant 4s rego4red to subie t a complete set
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of cert4€4ed aud4ts lop the two prev4crs years, as weii as the most current rot4ns
report of Dun and Bradstreet. The appt4eant sha44 also be requ4red to demonstrate that
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the record of earn4ss, before dedust4my repree4at4on and 4nterest sharses and before
taxes. has been 4nereas4ns irr4xs the past two years and. 4a adr4t4aa. that the
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average anarei eash €leu for the seat resent two years prev4des a m4n4mum coverage
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of two tomes the projected anavai pr4ne4pa4 and 4nterest requ4rer to serv4se the
proposer debt.
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L •hes/ness: shall Ug of a -tum 'thath int _w.Ll wish 14 attract
eraig st nei business the. Cite rouid desire to have expand within ho Sj&.
3. *A 11PNpN04re4e090e OMM 44NOY 44944M7the pnepe3 pure of 4M
6014"" 09-116 eeedsOted. the " e's 44643 dm4post pians 4m Ryaeath. 0OW49
lanai de"4"W" dad soh pians. aM Onetime ter the deye3Opeent of 434. phase
at tuft ►4aee.
3. Xftla i n shall r�irM4 it furnish►�Le i_ f_i od annual audits. gInt Sal
fiscal Mors. Le east recent guarterly operating figures i a„d hie mos
ratingreport gift M Bradstreet.
4, iMe tau am" 4wxw4 MRW y441e of the b Od4sg (Or -Yr mr4s) Orel
` M Nrsi lo. er aeeW, the snerei MMM -of MMs and4amoset-rw. Ai: rpp►e4443.
my in "04"W h VE41Y wo Omp eee4et reetai Oeire.
4. The pnspe44V ieaeeeTape leant shell select qualified f1mocial
-^,, astAwltpets SWW enderwe tens to prepare all necessary,.docusenis and aeterlals
s nirri,far a-lbtnieipl-1watmal Beyelapseat Bond Sale. who gilt submit a letter
4 of t"Unt which establishes the favorable feasibility of the proiect.,prw4 l -*at
OU Opt sOhria3s dug! be-re+4arad JW the gfty Or 4h -agents. The applicant shall
to "wired .io assure a33 Osla asessfat d %40 the preeesa4M of Ww &"44eat4an
ver 41re4~ io*n a3 avelgiee" send 94smft. 4m W4iy 433 city costs WLIch
+ ,lCAL 13rft21Lin exaeieine Ina' and/or fiscal asmts of tl�+
.- � .cs awi sba33 �eae.pabr the *.�wst tOrs4sasiw! MitA a.yMea4t et
fsrWY �+h4eA-MY k nee/:by she 640 h reigirru 4ti.ents-4wMvod-4n-Ms-4wmt4-
!O"" OW •erhM Of she 14aWAft. the OOeeW prtlee"rt said deps4t sha33 be
W&*W MO -ie the aN34eae, ad the MY Simi weyn4ta sash MY **Pam as est
OR ahs 4 ! oldsh mw be 4Oe3Wed 4m the burl 49see.
i-
"M fib reserves the right to dO W any application for Municipal
bdostrial Levelopw►t. Bond finaedOg at aeiy stage of the proceedings prior to
asitias 421Ieaeee Of the bander adopUng the resolution authorizing issuance of
jodustri•
al dmlopeot bonds, a
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