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7 <br /> • <br /> RESOLUTION NO. 93-4 e4jiL;'' <br /> AMENDING RESOLUTION NO. 92-3 <br /> CITY OF BURNSVILLE <br /> DAKOTA COUNTY, MINNESOTA <br /> ECONOMIC DEVELOPMENT AUTHORITY <br /> RESOLUTION ADOPTING TAX INCREMENT FINANCING <br /> POLICY FOR THE CITY OF BURNSVILLE <br /> Whereas, Minnesota Statutes, Section' s 469 . 174 through 469 . 179 <br /> (T. I . F. Act) , as amended, authorizes local government authorities <br /> to utilize Tax Increment Financingto assist development and <br /> redevelopment of certain parcels within its boundaries, and <br /> Whereas, the Burnsville Economic Development Authority (EDA) <br /> has three established Tax Increment Financing (T. I .F. ) districts- <br /> within the city, two adjacent redevelopment districts and one <br /> economic development district, and <br /> Whereas, the Burnsville Economic Development Authority has <br /> received applications for Tax Increment Financing assistance within <br /> existing districts, and <br /> Whereas, the Burnsville Economic Development Authority has <br /> received inquiries and requests for consideration of creating new <br /> Tax Increment Financing districts; <br /> Now, Therefore, Be It Resolved by the Burnsville Economic <br /> Development Authority that the following policy statement serve as <br /> a guideline for use of Tax Increment Financing in the City of <br /> Burnsville . <br /> _ <br /> GENERAL POLICY: <br /> While Tax Increment Financing is an important and useful tool <br /> in attracting and retaining business, it is essential that it is <br /> used appropriately to accomplish the city' s economic development <br /> goals and objectives . The fundamental principle which makes Tax <br /> Increment Financing viable is that it is designed to encourage <br /> development which would not otherwise occur. The Burnsville <br /> Economic Development Authority is responsible to assure that the <br /> project would not occur "but for" the assistance provided through <br /> Tax Increment Financing. <br />