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December 1989 • <br /> 1111 <br /> TAX INCREMENT POLICY STATEMENT <br /> The North Metro Mayors Association :believes that tax <br /> increment�ng_.s the on, e.f-f.e.ct veting tool by which <br /> local goviei....nxpent 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 /> • <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 /> 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 />