HomeMy WebLinkAboutCity Council Resolution 2001-447CITY OF PLYMOUTH
RESOLUTION NO. 2001-447
RESCINDING RESOLUTION 84-157 AND ADOPTING AN INDUSTRIAL DEVELOPMENT
REVENUE BOND FINANCING POLICY
WHEREAS, the City of Plymouth has been granted authority under Minnesota Statutes, Sections
469.152 through 469.165, and Chapter 474A, as amended, to issue tax-exempt industrial
development revenue bonds to finance private manufacturing facilities meeting the requirements of
Section 144(a)(12) of the Internal Revenue Code, as amended; and
WHEREAS, in 1984 the City adopted by Resolution No. 84-157 a policy relating to applications for
industrial development revenue bond financing; and
WHEREAS, subsequent changes in federal and state requirements governing the issuance of
industrial development revenue bonds has caused the aforementioned policy to become obsolete; and
WHEREAS, the City's updated Comprehensive Plan identifies the development of an industrial
development revenue bond policy "to leverage affordable housing beyond minimums required by
law, and to generate revenue to support housing efforts of the HRA"; and
WHEREAS, the Board of Commissioners of the Plymouth Housing and Redevelopment Authority
(HRA) has reviewed and recommended adoption of the attached industrial development revenue
bond policy by the City Council; and
WHEREAS, the City Council wishes to rescind Resolution No. 84-157 and the aforementioned
policy and adopt a new policy to supersede all such previous policies;
NOW THEREFORE BE IT RESOLVED, that the Plymouth City Council hereby rescinds
Resolution No. 84-157 and adopts as official City policy, the attached Industrial Development
Revenue Bond Policy;
BE IT FURTHER RESOLVED, that the attached Policy supersedes all other previous policies
adopted by the City Council related to the issuance of industrial development revenue bonds.
Adopted by the Plymouth City Council on October 23, 2001.