HomeMy WebLinkAboutCity Council Resolution 1981-212CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a�s e_cial meeting of
the City Council of the City of Plymouth, Minnesota, a, was held on the
23rd day of March 19 81 The following members
were present: Acting Ma_vor Neils, Counci mem ers-9371, Schneider b Threinen ,
The following members were absent: Mayor Davenport
Acting Mayor Neils introduced the following Resolution and
moved Its adoption:
RESOLUTION NO. 81-212
A RESOLUTION AMENDING POLICY CONCERNING REVIEW OF
MUNICIPAL INDUSTRIAL DEVELOPMENT BOND REQUESTS
WHEREAS, the City Council has established a policy regarding the review
of Municipal Industrial Development Revenue Bond requests; and
WHEREAS, this policy excludes limited partnerships from consideration
for IDR financing; and
WHEREAS, the City Council has recommended that such applicants may apply
for IDR financing providing they have "substantial" equity in the business
as well as the building and site;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA that the City's policy concerning review of industrial development
revenue bond requests, as adopted by this Council on March 16, 1981 (Res. No.
81-197), be and the same is hereby amended to provide that limited parnerships
may apply for IDR financing provided they have "substantial" equity in the
business as well as the building and site.
The motion for the adoption of the foregoing Resolution was duly seconded by
Co it , and upon vote being taken thereon, the
following vote n favor 9WARTF Actin Mayor Neils, Councilmembers Haut—
Schneider b Threinen
The following vo against or abstai
Ilompon the Resolution was declared duly passed and adopted.