01-24-1990 Council Agenda - Laserfiche WebLink

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Projects in which bonds are sold by the City or EDA shall require the Developer to enter into an assessment agreement pursuant to Minnesota Statutes, Section 469.176, Subdivision 5, whereby it will agree to the minimum Assessor's Market Value of the land and the building to be built thereon when completed, and will agree not to take any action to challenge or otherwise cause said Assessor's Market Value to be reduced at any . time while the bonds issued to financing the redevelopment project remain outstanding. F. Development Standards The EDA will consider among other things, the following factors when evaluating development proposals for projects within the Redevelopment Area seeking public assistance and support: 1. Degree to which redevelopment objectives are provided for or enhanced. 2. Consistency with this plan and the Little Canada Comprehensive Plan. 3. Ability of proposed tax increment projects to generate enough annual tax increment to retire the bonded debt created by the project, where applicable. 4. Developer's ability to perform both from a standpoint of financial ability to perform and the necessary experience and expertise to complete the proposed development. Developers should review the City's Tax Increment Financing Policy Statement for a complete description of the Tax Increment Development Standards. G. Environment Controls It is presently anticipated that the proposed development in the Redevelopment Area will not present major environmental problems. All municipal actions, public improvements, and private development will be carried out in a manner that will comply with applicable environmental standards. The environmental controls to be applied within the area are contained within the codes and ordinances of the City of Little Canada. There are no properties on the National Register of Historic Places within the Redevelopment Area. Page 36