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June 11, 2018 <br />December 12, 2011 Mounds <br />View Business Growth Toolbox <br /> <br /> <br /> <br />Purpose: <br />It is the policy of the City of Mounds View to consider the judicious use of Tax <br />Increment Financing (TIF) for those projects which demonstrate a public benefit <br />by constructing public improvements in support of developments that will: create <br />new jobs, retain existing employment, eliminate blight, strengthen the economic <br />base of the City, increase property values and tax revenues, create economic <br />stability, and/or expansion of business and housing options in the City. Please <br />see the Public Financing Application for differences of public purpose between <br />commercial/industrial vs. housing projects. (Appendix A) <br /> <br />Who can apply? <br />Any developer or business owner with a facility or property located in Mounds <br />View, or any developer or business owner intending to construct a facility in <br />Mounds View. <br /> <br />How does the program work? <br />The developer or business owner completes and submits a Public Assistance <br />application with the initial non-refundable $3,000 application fee to the Business <br />Development Coordinator. City staff in coordination with the City’s financial <br />consultant review the application & supporting materials to determine if the <br />project qualifies then submits the application to the EDA for consideration. If the <br />EDA determines that they are supportive of moving forward, then the applicant <br />submits the $10,000 non-refundable application fee and the City’s financial <br />consultant conducts a full financial analysis and verifies all business pro forma <br />documents, etc. to determine the TIF amounts and terms. Tax Increment <br />Financing (TIF) application and submits the application and the required $5,000 <br />application fee to the City’s Community Development Department. Economic <br />Development staff reviews and analyzes the information and presents it to the <br />City’s Economic Development Authority for consideration of establishing a TIF <br />district and setting the Public Hearing. The EDA gives preference to the use of <br />“pay as you go” assistance to finance development or redevelopment projects. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />