Who can apply

• Owner-occupied manufacturing businesses with:
  • A history of making a profit
  • Owners who offer personal guarantees
• Commercial businesses that do not qualify for tax-exempt bonds
• Nonprofits

You must be doing a capital improvement project.

Approval process

The approval process includes:

• City council and mayoral approval
• A public hearing
• State of Minnesota approval

Approval is based on your project's:

• Financial strength
• Credit worthiness
• Public purpose served, including creating jobs and increasing the tax base

Use of funds

You can use the funds to:

• Buy land
• Build a new facility or add to an existing one
• Buy and renovate an existing structure
• Buy fixed equipment
• Refinance outstanding debt

Rates, terms and fees

• The CBF can cover up to 90% of the project cost. You need to provide at least 10% as equity.
• Interest rates are fixed, with terms up to 30 years.
• They can be below or at standard commercial market rates.
• Issuance costs can be rolled into the financing.
• The City collects a bi-annual administrative fee.

Learn more about how revenue bonds work

How to apply

A staff member will assist you from your first inquiry to post-closing follow-up.

You need to submit

• A general overview of your:
  • Company and owner(s)
  • Project, including plans and cost estimates
• Financial statements
  • Your business statements from the past three years, plus any recent updates
  • Personal statements for anyone who owns more than 20% of the company
• Appraisals and environmental reports related to your project

Contact us to get started