Council, as a general policy, will consider issuing industrial revenue bonds to qualified businesses and industries upon the assurance that the taxpayers are fully protected and the affirmation that the business and industry will benefit the city. To ensure the carrying out of these general policies, the following guidelines and criteria are established.
(A) Applications for industrial revenue bonds shall be made to the Mayor. The application shall be accompanied by a nonrefundable application fee of $500 and supporting financial documents and information as are necessary to make a complete and thorough analysis of the applicant.
(1) Information so supplied shall include, but not be limited to:
(a) The amount of the proposed bond issue;
(b) The name of the purchaser of the bonds, if available;
(c) The last five annual reports of the applicant, duly certified;
(d) The latest preliminary financial status report of the applicant’s current fiscal year;
(e) All items listed on the checklist set forth in § 33.166 below;
(f) The proposed use of the proceeds of sale of the bonds; and
(g) A statement regarding the dependency of the success of the project on industrial revenue bond financing and the reasons for requesting the financing.
(2) Council, the Mayor and the Treasurer may request additional information from the applicant.
(B) All fees, including printing, legal, fiscal, review and costs of preparation of all ordinances, resolutions, agreements and other legal and financial documents that are necessary to authorize and deliver the industrial revenue bonds, shall be reimbursed to the city by the applicant, but may be included as part of the bond project costs. If the bonds are not sold, or at any time within ten days after delivery of a written request for such action by the city, the applicant shall pay all costs and fees incurred by the city to the date of the request.
(C) The applicant shall pay to the city a fee for the issuance of the bonds in an amount of not less than $5,000. Council may establish a higher fee based upon the amount of the bonds authorized to be issued. The fee provided for in this division may be included as a cost of the project.
(D) The applicant shall contract for the sale of the bonds at terms agreeable to the applicant and the purchaser of the bonds.
(E) The city may require the applicant to deposit cash with the Treasurer, in an amount to be determined by the Treasurer, to ensure that all of its costs subsequent to the issuance of the bonds will be reimbursed by the applicant.
(F) Before the bonds will be authorized to be issued, the applicant shall deliver to the Mayor the following:
(1) A statement from the City Engineer that the proposed project is in compliance with the city's comprehensive plan, that the business or industry will benefit the city and that it will not have any adverse impact upon traffic or sewer or water facilities;
(2) A statement from the City Attorney that he or she has reviewed all documents pertinent to the application and bond issue and that, based upon the review, there is no reason to withhold approval of the proposed issue; and
(3) A statement from the city’s financial consultant that he or she has reviewed all documents pertinent to the application and bond issue and that the applicant is financially sound and can reasonably be expected to pay all principal and interest on the bonds when due.
(G) Council may require the applicant to appear before it to explain the proposed project and to answer questions concerning it.
(H) The applicant shall enter into a written agreement with the city in which, among other things, the applicant agrees to:
(1) Use all reasonable efforts to find one or more purchasers for the bonds;
(2) Enter into a loan agreement with the city in which the applicant obligates himself or herself to pay, on behalf of the city, all of the principal and interest on the bonds when due;
(3) Pay the city the fee for issuing the bonds; and
(4) Reimburse the city for all fees charged to it and for all expenses incurred by it in connection with the issue.
(I) Upon the receipt of all information required in the application and the execution of the agreement provided for in division (H)(2) of this section, Council shall consider authorizing the issuance of the bonds and, if it decides to do so, shall adopt a resolution inducing the applicant to proceed with the project.
(2000 Code, § 3.20.010)