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RESOLUTION NO. 1848 3 r q �} <br /> CITY OF MOUNDS VIEW <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION REPEALING RESOLUTION NO. 1434 AND ESTABLISHING <br /> POLICY GUIDELINES FOR TAX INCREMENT FINANCING <br /> WHEREAS , Minnesota Statutes 273 . 71 to 273 . 78 permit <br /> the establishment of a Tax Increment Financing District for <br /> the purpose of financing redevelopment, housing , or economic <br /> development in municipalities through the use of tax <br /> increment generated from the captured assessed value in the <br /> tax increment financing district, and <br /> WHEREAS , in some cases the- City may want to encourage <br /> certain projects by means of tax increment financing , and <br /> WHEREAS , it is the desire of the City to adopt policy <br /> guidelines relative to tax increment financing ; and <br /> WHEREAS , Resolution No . 1434 adopted on May 10 , 1982 <br /> set policy guidelines for Tax Increment Financing; and <br /> WHEREAS , it is the desire of the City Council to <br /> revise the guidelines established by Resolution No . 1434 . <br /> NOW, THEREFORE , BE IT RESOLVED by the City Council of /-- <br /> the City of Mounds View that Resolution No. 1434 is hereby I <br /> repealed . ` <br /> BE IT FURTHER RESOLVED: The following guidelines are <br /> established relating to the acceptance , consideration , and <br /> approval of applications for Tax Increment Financing <br /> assistance . However , applicants should understand that , <br /> notwithstanding observance of these guidelines , the City <br /> Council may in its sole judgement reject an application or <br /> that the City Council may in its sole judgement approve an <br /> application notwithstanding that one or more guidelines have <br /> not been complied with : <br /> 1 . Applicants. will submit an economic feasibility report, <br /> concerning the proposed Tax Increment Financing <br /> project to the City at least ten ( 10 ) working days <br /> prior to the Council meeting at which the applicant <br /> will seek preliminary Council approval . Said report <br /> shall contain the following information : <br /> a. A narrative, description of the proposal including <br /> a map showing the area to be involved in the Tax <br /> Increment Financing District. <br /> b . An analysis: and description of the costs to be <br /> funded with Tax Increment Financing and presented <br /> in budget form including the proposed amounts of 1111 <br /> indebtedness. <br /> c . The sources of income used to retire to the <br /> indebtedness. <br /> _-_3 <br />