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7) Tax Increment Financing (TIF) <br /> The City of Mounds View has adopted the attached policy (see Appendix D) <br /> pertaining to Tax Increment Financing (TIF). TIF is considered the premier tool <br /> for economic development in Minnesota. Since 1986 the biggest single <br /> development program in the City of Mounds View's Toolbox has been the use of <br /> Tax Increment Financing (TIF). TIF, in brief, is the ability to capture and use all <br /> increased local property tax revenues from new development within a defined <br /> geographic area. TIF payments to developers can be used for eligible uses, <br /> such as land acquisition, demolition, utilities, parking, relocation, administration, <br /> etc. There are different types of TIF districts, including redevelopment, economic <br /> development, housing, and soils condition districts. Mounds View currently has <br /> four tax increment financing districts—three redevelopment districts and one <br /> economic development district. <br /> Purpose: <br /> It is the policy of the City of Mounds View to consider the judicious use of Tax <br /> Increment Financing (TIF) for those projects which demonstrate a public benefit <br /> by constructing public improvements in support of developments that will: create <br /> new jobs, retain existing employment, eliminate blight, strengthen the economic <br /> base of the City, increase property values and tax revenues, create economic <br /> stability, and/or expansion of business and housing options in the City. <br /> S 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 /> 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 EDA gives preference to the use of "pay as you go" <br /> assistance to finance development or redevelopment projects. <br /> S <br /> March 10,2008 <br /> Mounds View Business Toolbox <br /> Internal Document <br /> Page 10 of 10 <br />