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TO: <br />FROM: <br />DATE: <br />SUBJECT: <br />Attachment D <br />MEMORANDUM <br />File <br />Brian Wessel <br />January 25, 2000 <br />TIF PROPOSAL POLICY - ECONOMIC DEVELOPMENT <br />DRAFT <br />The following is standard policy for use of tax increment financing in Lino Lakes: <br />1. The prospect must qualify according to the Economic Development selection <br />criteria. <br />2. A TIF commitment will be made to a project for the following qualified site <br />improvement expenses: <br />a. Special assessments <br />b. Land write down <br />c. Administrative fees <br />3. A land write down commitment will be based on a minimum of 10,000 square feet of <br />building per one acre of land. <br />4. Each project will be self sufficient within the allowable TIF capacity. <br />5. TIF commitments are not to exceed 16% of the minimum market value unless the scope <br />of the economic development benefit is significant and City Council (EDA) approves it. <br />6. Administrative fees (upfront escrow) will be reimbursed upon the completion of the <br />building. <br />7. In the Apollo Business Park assessments can be on an upfront basis. <br />8. In other TIF Districts, assessments and land write down will be on a pay -as- you -go <br />basis. <br />9. The city will be reimbursed first for upfront costs from available increment, after which <br />the grantee will receive the pay -as- you -go portion of the subsidy. <br />