HomeMy WebLinkAbout1994-177 CCR1
1
Member Dave Rosene introduced the following resolution and
moved its adoption:
RESOLUTION NO. 94 -177
RESOLUTION ESTABLISHING A FEE POLICY FOR THE ISSUANCE OF
TAX EXEMPT HOUSING REVENUE BONDS
WHEREAS, the City of Brooklyn Center receives requests from private parties
for authorization to issue tax exempt housing revenue bonds for the construction or acquisition
and rehabilitation of multi family housing properties; and
WHEREAS, the City will agree to the issuance of such bonds to the extent that
the proposed project is consistent and furthers the goals and objectives of Brooklyn Center; and
WHEREAS, the City recognizes that the issuance of tax exempt bonds has a real
cost to the City and it is the intent of the City to offset such costs.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that the following fee policy is adopted and will be charged to all applicants
for consideration of an issuance request:
1. An application fee of $5,000 will be charged for all tax exempt bond requests in
excess of $5,000,000.
2. An application fee of $3,000 will be charged for all tax exempt bond requests less
than $5,000,000.
3. An annual fee of 1/8 of one point will be charged against the outstanding
principal balance for the term of the bond issue.
August 22, 1994
Date
ATTEST: Vt/
Deputy Clerk
Todd Paulson, Mayor
The motion for the adoption of the foregoing resolution was duly seconded by member
Barb Kalligher and upon vote being taken thereon, the following voted in
favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.