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City of Mounds View Business Subsidy Policy <br />Amended (Expected) November 2015 <br />Page 7 of 8 <br /> <br /> To encourage the revitalization and redevelopment of the County Highway Road 10 <br />Corridor. <br /> To encourage additional unsubsidized private development in the area, either <br />directly or indirectly through “spin off” development. <br /> To offset increased costs of redevelopment (i.e. contaminated site cleanup, <br />demolition expenses, etc.) over and above the costs normally incurred in <br />development and when the unique physical characteristics of the site may otherwise <br />preclude private investment.. <br /> To finance the costs associated with public infrastructure and public facilities. <br /> To create opportunities for the construction, operation and maintenance of <br />affordable housing. <br /> <br /> <br />IV. GENERAL POLICIES FOR THE USE OF BUSINESS SUBSIDIES <br /> <br />A. Business subsidy assistance will be provided from the City, by a “pay-as-you-go” note <br />method, to the developer if the business subsidy is tax increment financing or tax <br />abatement. Requests for up front financing will be considered on a case-by-case basis. <br /> <br />B. It is the intent of the City to provide the minimum financing, as well as other incentives, at <br />the shortest term required for the project to proceed. <br /> <br />C. C. A developer requesting business subsidy assistance must demonstrate, to the <br />satisfaction of the City, sufficient cash equity investment in the project as required within <br />the City’s policy for the particular form of subsidy. <br /> <br />D. Business subsidy assistance may not be provided in circumstances where land/or property <br />price is demonstrated by the County Assessor to be in excess of fair market value. This <br />would normally be where the acquisition price is more than 10% in excess of market value. <br />Determination will be provided on a case-by-case basis. <br /> <br />D. A developer must be able to demonstrate to the City, or, if applicable, to the underwriting <br />authority, a market-demand for a proposed project. <br /> <br />E. Business subsidy will not be used in cases where the subsidy would create an unfair and <br />significant competitive financial advantage over other similar projects in the area. <br /> <br /> <br />Formatted: Font: Gill Sans MT <br />Formatted: Font: Gill Sans MT, 12 pt <br />Formatted: Font: 12 pt, Bold <br />Formatted: Font: 12 pt <br />Formatted: Font: 12 pt, Bold <br />Formatted: Font: 12 pt <br />Formatted: Font: Gill Sans MT <br />Formatted: Numbered + Level: 1 + <br />Numbering Style: A, B, C, … + Start at: 1 + <br />Alignment: Left + Aligned at: 0.25" + Tab <br />after: 0.5" + Indent at: 0.5" <br />Formatted: Font: Gill Sans MT, 12 pt <br />Formatted: List Paragraph, Left, No bullets or <br />numbering <br />Formatted: Font: Gill Sans MT <br />Formatted: Numbered + Level: 1 + <br />Numbering Style: A, B, C, … + Start at: 1 + <br />Alignment: Left + Aligned at: 0.25" + Tab <br />after: 0.5" + Indent at: 0.5" <br />Formatted: Font: Gill Sans MT