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<br /> <br /> <br /> <br />III. PUBLIC PURPOSE OBJECTIVES OF BUSINESS SUBSIDIES <br /> <br />In accordance with the Minnesota Business Subsidy Law, the City will consider using <br />business subsidies to assist private development projects to achieve one or more of the <br />following public purpose objectives: <br /> To retain local jobs and/or increase the number and diversity of jobs that offer <br />stable employment and/or attractive wages and benefits. <br /> To enhance and diversify the City of Mounds View’s economic base and to <br />increase the tax base. <br /> To remove blight and/or encourage development of commercial, industrial or <br />high priority areas in the city that result in highe r quality redevelopment and <br />private investment. <br /> To encourage the revitalization and redevelopment of the County Highway 10 <br />Corridor. <br /> To encourage additional unsubsidized private development in the area, either <br />directly or indirectly through “spin off” development. <br /> To offset increased costs of redevelopment (i.e. contaminated site cleanup, <br />demolition expenses, etc.) over and above the costs normally incurred in <br />development. <br /> To finance the costs associated with public infrastructure and public facilities. <br /> <br /> <br />IV. GENERAL POLICIES FOR THE USE OF BUSINESS SUBSIDIES <br /> <br />A. Business subsidy assistance will be provided from the City, by a “pay -as-you-go” <br />note method, to the developer if the business subsidy is tax increment financing or <br />tax abatement. Requests for up fron t financing will be considered on a case-by- <br />case basis. <br /> <br />B. It is the intent of the City to provide the minimum financing, as well as other <br />incentives, at the shortest term required for the project to proceed. <br /> <br />C. A developer requesting business subsidy assistance must demonstrate, to the <br />satisfaction of the City, sufficient cash equity investment in the project as required <br />within the City’s policy for the particular form of subsidy. <br /> <br />D. A developer must be able to demonstrate to the City, or, if applicable, to t he <br />underwriting authority, a market-demand for a proposed project. <br /> <br />E. Business subsidy will not be used in cases where the subsidy would create an unfair <br />and significant competitive financial advantage over other similar projects in the <br />area. <br />