04/07/2016 EDAC Packet - Laserfiche WebLink

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City of Lino Lakes, Minnesota TIF policy: 1. Prospects must qualify according to the City business subsidy selection criteria. 2. TIF will be used to pay qualifying reimbursable costs, which include special assessments, land write down, administrative fees, landscaping and site preparation. 3. Land write down will be based on a minimum of 10,000 square feet (or more) of facility per acre of land. 4. Each project will be self-sufficient within the allowable TIF capacity of the district. 5. TIF commitments will not exceed 16% of the estimated market value. 6. Administrative fees (upfront escrow) will be reimbursed using TIF funds at the completion of the project. 7. Assessments will be paid upfront in the Apollo Business Park to allow for a more expedient return of the city's investment in the park's improvements. 8. In other TIF districts, the subsidy for land and assessments will be on a pay-as-you-go basis. 9. If the subsidy includes upfront payments of assessments, the city will be reimbursed first from available increment. The grantee will receive its pay-as-you-go after the city is paid back. 10. The source of the 10% local contribution will be identified before the project is approved. (This local contribution requirement was eliminated by the legislature in 2001.)