Agenda Packets - 2009/01/09 - Laserfiche WebLink

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2008 Mounds View Comprehensive Plan ______________________________________________________________________________ Chapter 7: Economic Development 7-12 Resources to Support Economic Development The City defines resources to support Economic Development as any facts, programs or circumstances that enhance Mounds View’s ability to attract new businesses, retain and expand existing businesses, or assist in the preservation of a vibrant and diverse local economy. Such resources currently include the following: • The City’s close proximity to Interstate 35W which allows relatively quick and easy access to the downtown areas of Minneapolis and St. Paul, and to other portions of the Twin Cities metropolitan area. • Good internal traffic circulation and the City Council approved (2007) Street & Infrastructure Improvement Program (first street project to begin in 2009). • Visible evidence of new commercial activity, storefront improvements, remodeling, and other indications of local economic health. • The City’s ongoing efforts to enhance the appearance of, and to better coordinate planning for the further development of, the County Highway 10 corridor and the city at large. • Local business owners who are interested in expanding their operations and improving the appearance of their properties. • Mounds View places a high priority on maintaining and strengthening the City’s bond rating, which is a significant factor that supports the overall economic and financial status of a city. The City’s current bond rating is “A1” according to Moody’s Investor’s Service, a prominent national rating agency. This bond rating is a direct result of the 2007 addition of Medtronic’s CRDM campus and the City’s long-range financial planning. Bond rating agencies have indicated that a diversified tax base is important to the economic strength of a city; therefore, the City needs to continue to strengthen and sustain its tax base. • The potential for City assistance such as Tax Increment Financing (TIF), Tax Rebate Financing (TRF), the Business Improvement Partnership Loan Program and the Housing Replacement Program. The City will continue to provide these types of assistance in a manner consistent with the City’s written policies about such assistance. Mounds View will generally limit the use of these to situations in which their use will enable the City to attract a new business, retain or expand an existing business, provide new employment opportunities, enhance the City’s tax base, or otherwise improve the appearance or vitality of the local