Resolution 16-EDA-292 - Laserfiche WebLink

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I. POLICY PURPOSE: The Mounds View Economic Development Authority, hereafter referred to as the EDA, promotes the development and enhancement of the City of Mounds View's tax base. The purpose of this policy is to establish the City of Mounds View's position relating to the use of public financing for private development above and beyond the requirements and limitations set forth by State Law. For the purposes of this policy, public financing may include, but may not limited be to: Tax Increment Financing (TIF), Tax Abatement, contributions of real or personal property, infrastructure development, a reduction or deferral of any tax or fee, and any grants, loans, or loan guarantees made with City and/or EDA funds. This policy shall be used as a guide in the processing and review of applications requesting public financing. The fundamental purpose of providing public financing in Mounds View is to encourage desirable development or redevelopment that would not otherwise occur but-for the assistance provided through the use of such financing. It is the intent of the EDA to provide the minimum amount of public financing at the shortest term required for the project to proceed. Preference is given to projects leveraging funding from other public and private sources. The EDA reserves the right to approve or reject projects on a case by case basis, taking into consideration established policies, project criteria, and demand on City services in relation to the potential benefits from the project. Meeting policy criteria does not guarantee the award of public financing to the project. Approval or denial of one project is not intended to set precedent for approval or denial of another project. II. OBJECTIVES FOR THE USE OF PUBLIC FINANCING As a matter of adopted policy, the EDA will consider public financing to assist private development projects to achieve one or more of the following objectives: • To retain local jobs and /or increase the number and diversity of jobs that offer stable employment and/or livable wages and benefits as defined in the City's Business Subsidy Policy. • To encourage additional unsubsidized private development in the area, either directly or indirectly through "spin off' development. • To facilitate the development process and to achieve development on sites that would not be developed without public financing assistance. • To remove blight and/or encourage redevelopment of commercial and industrial areas in the city that result in high quality redevelopment and private reinvestment. • To offset increased costs of redevelopment (e.g. contaminated site clean-up, demolition expenses) over and above the costs normally incurred in development. • To create and support a broad range of housing choices in Mounds View. City of Mounds View Public Financing Policy&Application Adopted February,2016(Expected) Page 3 of 21