HomeMy WebLinkAboutResolution - 1853 - Establish Criteria For Industrial Development Bond Applications - 10/11/1984LJM:js
RESOLUTION
October 11, 1984
Resolution #1853
Agenda Item #31
WHEREAS, Industrial Development Bonds are a valuable source of funds
for improving local economics and job opportunities; and,
WHEREAS, recent changes have extended Industrial Development Bond
eligibility to selected commercial developments; and,
WHEREAS, recent legislative actions have placed "caps" on Industrial
Development Bonds issues in cities; and,
WHEREAS, there is now a need to be selective and insure maximum
benefits to the local economy from the issuance of said limited Industrial
Development Bonds; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the following criteria shall be used by the Lubbock Industrial
Development Corporation and Lubbock City Council in considering applica-
tions for Industrial Development Bonds:
1. Are the bonds primarily to finance industrial or manufacturing
development?
Rating: commercial - 10 points
commercial/industrial mix - 15 points
industrial/manufacturing - 20 points
2. How many new jobs will be created?
Rating: 1-10 new jobs - 10 points
11-20 new jobs - 15 points
21 + new jobs - 20 points
3. How much annual payroll is generated?
Rating: $100,000-$500,000 - 10 points
$5009001-$800,000 - 15 points
$8009001 + - 20 points
4. How much property tax base is added?
Rating: $ 5001000-$190009000 - 5 points
$1,000,001-$2,0009000 - 10 points
$290009001 + - 15 points
5. What is the ratio of private equity invested to bond funds
requested?
Rating: 1:3 ratio - 5 points
1:2 ratio - 10 points
1:1 ratio - 15 points
6. Does the new business or industry provide training programs to
encourage upward job mobility?
Rating: minimal - 3 points
moderate - 5,points
high - 10 points
BE IT FURTHER RESOLVED: That application scores shall be interpreted as
follows:
60 points or less - minimally acceptable (eligible for no
-funding or partial funding)
61-80 points - moderately acceptable (eligible for
partial -full funding)
80 + points - acceptable (eligible for full funding)
BE IT FURTHER RESOLVED: That the cumulative total of Industrial Develop-
ment Bonds issued for commercial uses shall not exceed 20% of Lubbock's
current "cap" allocation during any given year.
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APPROVED AS TO CONTENT:
Jit Be tram, Assistant City Manager
APPROVED AS TO FORM:
Q�G1,[,tit Q
Laura J. Mon o , Assistant City Attorney
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