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December 1989 <br /> • <br /> TAX INCREMENT POLICY STATEMENT <br /> The yo-rt Metro Mayors Association believes that tax <br /> increment ,,f aci„ns_js the orly Pt .a.t-ate—Ming tool by which <br /> local goyecm ent can preserve- and protect its •physical and <br /> economic development environment. It has been the essential <br /> ingredient in providing housing, carrying out redevelopment and <br /> encouraging economic development that would not have otherwise <br /> occurred. <br /> The Association understands that tax increment financing <br /> must be used efficiently and with appropriate restraint. In this <br /> regard, the Association adopts the following policy statement: <br /> Policy No. 1: <br /> Member cities of the North Metro Mayors Association intend <br /> to use tax increment financing for: <br /> 1111 <br /> o Creation of jobs, <br /> o Demonstrate public purpose, <br /> o Housing to benefit targeted groups, <br /> o Correction of significant soil or land <br /> problems, <br /> o Significant increase -in tax base, and <br /> o Redevelopment of existing blighted or <br /> substandard properties. <br /> Policy No. 2 : <br /> The Legislature has exhibited continuing concern that cities <br /> are utilizing tax increment financing to compete with each other <br /> for development. Cities of the North Metro Mayors Association <br /> will not knowingly engage in "bidding wars" with other member <br /> cities by deviating from existing policy on projects which are to <br /> be funded with tax increment. Member cities are committed to a <br /> pro-active attempt to avoid "bidding wars . " <br />