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established to partner with local businesses by providing 2% interest loans for <br /> exterior and interior building improvements. Details regarding this program are <br /> attached as Appendix B. <br /> Who can apply? <br /> Any business owner who has operated a facility or property located in Mounds <br /> View for a minimum of two years. <br /> How does the program work? <br /> The City's Economic Development Authority, in partnership with local banks, will <br /> provide improvement loans to existing Mounds View businesses at a minimum of <br /> $10,000 and a maximum of $50,000. The City participates by providing only half <br /> of the loan amount at a 2% interest rate. <br /> 6) Tax Rebate Financing (TRF) <br /> The City of Mounds View has adopted the attached policy (see Appendix C) <br /> pertaining to Tax Rebate Financing (also known as Tax Abatement). An <br /> abatement is a property tax repayment rather than an exemption from paying <br /> property taxes. It is a method to finance up-front costs and provide additional <br /> equity to a development or to finance a public improvement. For eligible <br /> redevelopment and development projects, all or a portion of City real estate taxes <br /> can be rebated for up to 15 or 20 years. Ramsey County and the Mounds View <br /> S School District can also rebate all or a portion of their share of real estate taxes. <br /> If all three taxing jurisdictions participate, taxes may be rebated up to 20 years. <br /> Purpose: <br /> The fundamental purpose of Tax Rebate Financing in Mounds View is to <br /> encourage desirable development or redevelopment that would not otherwise <br /> occur but for the assistance provided. <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 /> • <br /> March 10,2008 <br /> Mounds View Business Toolbox <br /> Internal Document <br /> Page 9 of 10 <br />