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I <br /> I <br /> I <br />.I <br /> I <br /> <br /> I <br /> <br /> i <br />'1 <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />It is, however, very important that the citizens of the community understand <br />TZF before they become involved in it. <br /> <br /> b} Industrial Revenue Bond - The City of Ramsey has approved <br />the use of IRBs here for new businesses and the expansion of old business. <br />The benefit derived from the IRB is the lower interest rate charged on <br />money borrowed. The benefit derived by the IRB investor is the tax free <br />status on interest received from bonds. <br /> <br />Accordingly, enclosure (3) is forwarded to provide you with information <br />on the Minnesota Municipal Industrial Development Act .(better known as <br />industr~al revenue bond}. <br /> <br /> c) Urban Development Action Grant (UDAG) - Enclosure {4) contains <br />an information book on the Urban Development Action Grant which gives <br />a brief outline on this particular federal program. Enclosure (5) contains <br />an excerpt of the Federal Register which lists Cities that are eligible <br />for the Urban Development Action Grant in Minnesota. In the Seven County <br />Metro Area, only one City appears on the list as being eligible for an <br />Urban Development Action Grant. The City of Princeton does not appear <br />in enclosure (5) as they did not meet the standards for 1983, however, <br />they do not lose their UDAG eligibility until August 31, 1983 so they <br />were able to apply for the UDAG in regards to T. U. International. <br /> <br /> d) Draft discussion statement on Metro Development Framework <br />Proposed Interim Economic Policies - Enclosure (6} contains the interim <br />economic policies that the Metrd Council is bringing forth to help Metro <br />communities. It appears that the Metro Council chairman wants to see <br />the Metro Council working with the communities in developing their economic <br /> <br />base. Councilmembers should review the above enclosure and make <br />recommendations if you feel changes are needed to this draft document. <br /> <br />Smry - After reviewing the material contained in enclosure (1), one <br />can understand why T. U. International relocated their manufacturing <br />facilities to the City of Princeton. The City of Princeton has utilized <br /> <br />Page 5 of '6 <br /> <br /> <br />