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• 6) Tax Rebate Financing (TRF) <br /> In 2000 the City of Mounds View adopted policies pertaining to Tax Rebate <br /> Financing (also known as Tax Abatement). An abatement is a property tax <br /> repayment rather than an exemption from paying property taxes. It is a method <br /> to finance up-front costs and provide additional equity to a development or to <br /> finance a public improvement. For eligible redevelopment and development <br /> projects, all or a portion of City real estate taxes can be rebated for up to 15 or 20 <br /> years. Ramsey County and the Mounds View School District can also rebate all <br /> or a portion of their share of real estate taxes. <br /> Who can apply? <br /> Any developer or business owner with a facility or property located in Mounds <br /> View, or any developer or business owner intending to construct a facility in <br /> Mounds View. <br /> How does the program work? <br /> The developer or business owner completes a Tax Rebate Financing (TRF) <br /> application and submits the application and the required $1,000 application fee to <br /> the City's Community Development Department. Economic Development staff <br /> reviews and analyzes the information and presents it to the City's Economic <br /> Development Authority. The maximum applicants may abate is $200,000 per <br /> year or up to 10% of the City's levy. There is no minimum abatement or rebate. <br /> 7) Tax Increment Financing (TIF) <br /> TIF is considered the premier tool for economic development in Minnesota. <br /> Since 1986 the biggest single development program in the City of Mounds View's <br /> Toolbox has been the use of Tax Increment Financing (TIF). TIF, in brief, is the <br /> ability to capture and use all increased local property tax revenues from new <br /> development within a defined geographic area. TIF payments to developers can <br /> be used for eligible uses, such as land acquisition, demolition, utilities, parking, <br /> relocation, administration, etc. There are different types of TIF districts, including <br /> redevelopment, economic development, housing, and soils condition districts. <br /> Mounds View currently has four tax increment financing districts—three <br /> redevelopment districts and one economic development district. <br /> Who can apply? <br /> Any developer or business owner with a facility or property located in Mounds <br /> View, or any developer or business owner intending to construct a facility in <br /> Mounds View. <br /> How does the program work? <br /> The developer or business owner completes a Tax Increment Financing (TIF) <br /> application and submits the application and the required $5,000 application fee to <br /> Sthe City's Community Development Department. Economic Development staff <br /> April 2007 Draft <br /> Mounds View Business Toolbox <br /> Internal Document <br /> Page 8 of 9 <br />