05-30-1996 - Laserfiche WebLink

Home Browse Search

Tax Increment Policy Mounds View Economic Development Authority Mounds View, Minnesota GENERAL POLICY: The Mounds View Economic Development Authority has the powers under the Minnesota Statute Sections 469.124 through 469.137 and Sections 469.001 through 469.047 to govern and monitor the use of tax increment financing for three tax increment districts and the Mounds View development district which encompasses the entire boundaries of the City of Mounds View. It is the responsibility of the Mounds View Economic Development Authority to use tax increment financing as a tool to accomplish the City's economic development and redevelopment goals and objectives. The Mounds View Economic Development Authority understands and abides by the fundamental principal which makes tax increment financing viable to encourage development and redevelopment which would not otherwise occur. The Mounds View Economic Development Authority shall consider tax increment financing in cases that serve to accomplish the City's development goals and activities a hereby defined in projects eligible for tax increment financing. The Mounds View Economic Development Authority desires development that would result in the retention and expansion of business, creation of jobs and the tax base and the elimination of blight. • PROJECT ELIGIBLE FOR TAX INCREMENT FINANCING: Projects eligible for consideration of Tax Increment Financing assistance per the Mounds View Economic Development Project Plan dated May 9, 1994 include, but are not limited to (1) the attraction, retention, rehabilitation and preservation of commercial, industrial, retail, residential, recreational and public service facilities; (2) new and rehabilitated public infrastructure; (3) community and other public service centers; (4) senior/mature adult and/or other housing development partnerships or other multi-use housing projects and facilities; (5) other public utilities (including telecommunications); (6) business incubator loan and other business programs; and (7) transportation systems. More emphasis will be place on those items which increase the tax base and eliminate blight. COSTS ELIGIBLE FOR TAX INCREMENT FINANCING: Project cost qualifying for Tax Increment Financing assistance, as defined under the TIF Act, include utilities design, landscape design, architectural and engineering fees directly attributable to site work, site related permits, earthwork/excavation, soils correction, landscaping, utilities (sanitary sewer, storm sewer, and water), streets and roads, street/parking lot paving, street/parking lot lights, curb and gutter, sidewalks, land acquisition, special assessment, legal (acquisition, financing, and closing fees), soils tests and environmental studies, surveys, park dedication fee, SAC, WAC charges, titles insurance and TIF application deposit. f 1