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MEMORANDUM <br />TO: File <br />FROM: Brian Wessel <br />DATE: October 13, 1995 <br />SUBJECT: TIF PROPOSAL POLICY - ECONOMIC DEVELOPMENT <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 <br />of building per one acre of land. <br />4. Each project will be self sufficient within the allowable TIF capacity. <br />5. Payback will be within five years of the year the company makes its first tax <br />payment. <br />6. TIF commitments are not to exceed 20% of the total project cost. <br />7. Fifty percent of a TIF commitment to a company will be upfront at closing and 50 <br />percent will be on a pay -as- you -go basis. <br />