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12/07/2017 EDAC Packet
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12/07/2017 EDAC Packet
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5/26/2022 11:52:33 AM
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EDAC
EDAC Document Type
EDAC Packet
Meeting Date
12/07/2017
EDAC Meeting Type
Regular
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City of Lino Lakes, Minnesota <br />• To enhance and diversify the City of Lino Lakes' economic <br />base. <br />To enGO irage additional i msi bsidized private development <br />Oho ' h Aire y o�•rr Y thi OUgh "SPOn off' <br />�a�,�,�a�ea either ee n,--�r- <br />deyelonment <br />• To facilitate the development process and to achieve <br />development on sites which would not be developed <br />without Tax Abatemen+financial assistance. <br />• To remove blight and/or encourage redevelopment of <br />commercial and industrial areas in the city that result in <br />high -quality redevelopment and private reinvestment. <br />• To offset increased costs of redevelopment (i.e., <br />contaminated site clean up) over and above the costs <br />normally incurred in development. <br />• To create opportunities for life cycle affordable housing <br />• To contribute to the implementation of other public policies, <br />as adopted by the city from time to time, such as the <br />promotion of quality urban or architectural design, energy <br />conservation, and decreasing capital and/or operating <br />costs of local government. <br />IV. POLICIES FOR THE USE OF TAX BATEMENTFINANCIAL <br />ASSISTANCE <br />a. Tax Increment or Tax Abatement assistance will be <br />provided to the developer upon receipt of taxes by the City, <br />otherwise referred to as the pay-as-you-go method. <br />Requests for up -front financing will be considered on a <br />case -by -case basis, for project related public <br />improvements. <br />b. Any developer receiving Tax Abaternen+financial <br />assistance shall provide a minimum of twenty percent <br />(20%) cash equity investment in the project. <br />G. Abatement Will net he i is��r�Gi i��mstLaRGees where <br />land and/or property nriGe is in exGess of fair market value. <br />d.c. Developer shall be able to demonstrate a market demand <br />for a proposed project. <br />e Tax Abatement may net he utilized in Gases where it wei ld <br />^vrreate an u�iffaa'iand --SiggnifiGa t GGIITIp titi.�nuRGial <br />advantage ever ether nreieets anther existing businesses <br />in the area <br />f Tax Abatement Fray Ret be used fe�ejcGtS that would <br />p llaGe extFaeFdonaFy rdemandsGrG%seFYTGes eFfe <br />nreiecsat would generate sign,ifi eantepyirenmental <br />mod. The developer must provide adequate financial guarantees <br />to ensure completion of the project, including, but not <br />Financial Assistance Policy Page 2 <br />
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