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<br />City of Mounds View Public Financing Policy & Application <br />Amended February, 2016 (Expected) <br />Page 4 of 21 <br /> <br /> <br /> To encourage the revitalization and redevelopment of the County Road 10 Corridor. <br /> <br /> To contribute to the implementation of other public policies, as adopted by the city <br />from time to time, such as the promotion of quality urban or architectural design, <br />energy conservation, and decreasing capital and/or operating costs of local <br />government. <br /> <br /> To enhance and diversify the City of Mounds View’s economic base and to increase <br />the tax base. <br /> <br /> To significantly increase the City of Mounds View’s tax base. <br /> <br /> To finance the costs associated with public infrastructure and public facilities. <br /> <br /> <br />III. PUBLIC FINANCING PRINCIPALS <br /> <br />The guidelines and principles set forth in this document pertain to all applications for City <br />public financing regardless of whether they are considered a Business Su bsidy as defined <br />by Statute. The following general assumptions shall serve as a guide for City public <br />financing: <br /> <br />A. All viable requests for City public financing assistance shall be reviewed by staff, <br />and, if staff designates so, a third party municipal advisor who will inform the City of <br />its findings and recommendations. <br /> <br />B. TIF and abatement will be provided on a pay-as-you-go-basis. Any request for <br />upfront assistance will be evaluated on its own merits and may require security to <br />cover any risks assumed by the City. <br /> <br />C. Any developer receiving public financing shall provide a minimum of ten percent <br />(10%) owner cash equity investment in the project. <br /> <br />D. Public financing will not be used in circumstances where land and/or property price <br />is in excess of fair market value. Situations of blight and unsightly properties will be <br />considered on a case-by-case basis. <br /> <br />E. Developer shall be able to demonstrate a market demand for a proposed project. <br />Public financing shall not be used to support purely speculative projects. <br /> <br />F. Public financing will not be utilized in cases where it would create an unfair and <br />significant competitive financial advantage over other projects in the area. <br /> <br />G. Public financing shall not be used for projects that would place extraordinary <br />demands on city services or for projects that would gen erate significant <br />environmental impacts. <br /> <br /> <br />