07/23/2001 Council Packet - Laserfiche WebLink

Home Search

• • • To contribute to the implementation of other public policies, as adopted by the city from time to time, such as the promotion of quality urban or architectural design, energy conservation, and decreasing capital and/or operating costs of local government. IV. POLICIES FOR THE USE OF TAX ABATEMENT a. Tax Abatement assistance will be provided to the developer upon receipt of taxes by the City, otherwise referred to as the pay -as- you -go method. Requests for up- front financing will be considered on a case -by -case basis. b. Any developer receiving Tax Abatement assistance shall provide a minimum of twenty percent (20 %) cash equity investment in the project. c. Tax Abatement will not be used in circumstances where land and/or property price is in excess of fair market value. d. Developer shall be able to demonstrate a market demand for a proposed project. e. Tax Abatement will not be utilized in cases where it would create an unfair and significant competitive financial advantage over other projects in the area. f. Tax Abatement shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental impacts. The developer must provide adequate financial guarantees to ensure completion of the project, including, but not limited to: assessment agreements, letters of credit, personal guaranties, et cetera. h. The developer shall adequately demonstrate, to the City's sole satisfaction, an ability to complete the proposed project based on past development experience, general reputation, and credit history, among other factors, including the size and scope of the proposed project. For the purposes of underwriting the proposal, the developer shall provide any requested market, financial, environmental, or other data requested by the City or its consultants. g. V. PROJECT QUALIFICATIONS All Tax Abatement projects considered by the City of Lino Lakes must meet each of the following requirements: a. The project shall meet at least one of the objectives set forth in section IV of this document. b. The use of Tax Abatement will be limited to: • Projects occurring in Town Center; or • Industrial, development, expansion, redevelopment, or rehabilitation; or c. The developer shall demonstrate that the project is not financially feasible but -for the use of Tax Abatement. d. The project shall comply with all provisions set forth in the state's Tax Abatement Law, statutes 469.1812 to 469.1815, as amended.