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Item No. 6B <br />Meeting Date: April 27th, 2000 <br />Type of Business: EB <br />EB: EDC Business <br />IN: Informational Item <br />City of Mounds View Staff Report <br />To: Economic Development Commission <br />From: Aaron Parrish, Economic Development Coordinator <br />Item Title/Subject: Tax Increment Finance Policy Revisions <br />Date of Report: April 14, 2000 <br />Background: <br />Back in August, the Economic Development Authority discussed the City's TIF Policy on a general <br />level, and more specifically, they discussed the decertification of particular parcels within existing <br />districts. Before any action was taken, the EDA directed the EDC to examine our TIF Policy as it <br />relates to the aforementioned matters. <br />Attached you will find proposed revisions to the existing TIF policy and associated documents. <br />There are no proposed changes for the first five sections of the policy. The following highlights <br />proposed changes/additions for the remainder of the policy. <br />• A section entitled `Administration, Pooled Funds, and Parcel Decertification" has been added to <br />the policy. Since this section is being added, there are several issues that require discussion. <br />This section has been italicized for your reference. <br />• The section entitled `Application Process" has been expanded to incorporate additional detail. <br />• Attachment A `Application for Tax Increment Financing" has been updated, but it is not <br />significantly different than the existing application. <br />• There is only one modification associated with Attachment B `Deposit Agreement for Evaluation <br />of Tax Increment Assistance." In essence, the deposit fee would be raised from $1,000 to <br />$5,000. This is comparable to what other communities are currently requiring. <br />• In the past, the methods used by the City of Elk River and St. Louis Park for evaluating TIF <br />projects have been held up as models. Attachment C "Tax Increment Financing Proposal <br />Review Worksheet" essentially adopts Elk River's criteria for evaluating TIF projects. However, <br />there are some slight modifications based on differing community goals and objectives. <br />Necessary Actions: <br />Review, modify, and subsequently recommend changes to the Economic Development Authority <br />regarding the attached TIF Policy <br />Aaron Parrish, Economic Development Coordinator <br />(763) 717-4029 <br />