Resolution 16-EDA-292 - Laserfiche WebLink

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• To encourage the revitalization and redevelopment of the County Road 10 Corridor. • To contribute to the implementation of other public policies, as adopted by the city from time to time, such as the promotion of quality urban or architectural design, energy conservation, and decreasing capital and/or operating costs of local government. • To enhance and diversify the City of Mounds View's economic base and to increase the tax base. • To finance the costs associated with public infrastructure and public facilities. III. PUBLIC FINANCING PRINCIPLES The guidelines and principles set forth in this document pertain to all applications for City public financing regardless of whether they are considered a Business Subsidy as defined by Statute. The following general assumptions shall serve as a guide for City public financing: A. All viable requests for City public financing assistance shall be reviewed by staff, and, if staff designates so, a third party municipal advisor who will inform the City of its findings and recommendations. B. TIF and abatement will be provided on a pay-as-you-go-basis. Any request for upfront assistance will be evaluated on its own merits and may require security to cover any risks assumed by the City. C. Any developer receiving public financing shall provide a minimum of ten percent (10%) owner cash equity investment in the project. D. Public financing will not be used in circumstances where land and/or property price is in excess of fair market value. Situations of blight and unsightly properties will be considered on a case-by-case basis. E. Developer shall be able to demonstrate a market demand for a proposed project. Public financing shall not be used to support purely speculative projects. F. Public financing will not be utilized in cases where it would create an unfair and significant competitive financial advantage over other projects in the area. G. Public financing shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental impacts. H. The developer must provide adequate financial guarantees to ensure completion of the project, including, but not limited to: minimum assessment agreements, letters of credit, personal guaranties, etc. I. The developer shall adequately demonstrate, to the City's sole satisfaction, an ability to complete the proposed project based on past development experience, City of Mounds View Public Financing Policy&Application Adopted February,2016(Expected) Page 4 of 21