Any nonprofit public benefit corporation may apply to the city for approval as a participating party and for approval of a facility for financing under this chapter. The application shall set forth such information as the city may require in order to enable the city to evaluate the applicant, the facility and its proposed costs. The application shall detail alternative methods of financing the facility and explain why other sources of tax-exempt debt financing are not available.
The city treasurer may review all applications and make recommendations to the city council regarding the financial feasibility of projects, security features of bond issues (for the benefit of bondholders and the city), timing of sale and issuance of bonds, marketing procedures for bonds, potential effects of issuing bonds (and the timing of such issuance) on other city debt issues and the city's credit rating, and the advisability of the city's undertaking particular financings.
The city manager may, with the approval of the council, implement priorities or guidelines to limit or focus the facilities that the city will approve for financing under this chapter. The council may decline to approve any applicant if the council determines that any potential detriment of financing the project will outweigh any potential benefits. (Prior code § 80.02.013)