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<br />City of Mounds View Public Financing Policy & Application <br />Adopted February, 2016 (Expected) <br />Page 5 of 21 <br /> <br />general reputation, and credit history, among other factors, including the size and <br />scope of the proposed project. <br /> <br />J. The developer shall proactively attempt to minimize the amount o f public financing <br />needed through the pursuit of grants, innovative solutions in structuring the deal, <br />and other funding mechanisms. <br /> <br />K. For the purposes of underwriting the proposal, the developer shall provide any <br />requested market, financial, environmental, or other data requested by the City or <br />its consultants. <br /> <br />L. All public financing proposals shall optimize the private development potential of a <br />site. <br /> <br />M. Tax Increment Finance districts will be administered in accordance with applicable <br />State Statutes, the Tax Increment Finance Plan, and the Development District Plan. <br /> <br />N. When possible, TIF shall be used to finance public improvements associated with <br />the project. The priority for the use of TIF funds is: <br />1. Public improvements. <br />2. Site preparation, site improvement, land purchase, and demolition. <br />3. Legal, administrative, and engineering costs. <br /> <br />O. It is the City’s policy to establish the following types of TIF districts: <br />1. Economic Development Districts <br /> It is desired that the project result in a minimum creation of <br />one full time job per $25,000 of TIF, or <br /> Result in a significant increase in the tax base. <br />2. Redevelopment Districts <br /> The market value of a redeveloped site shall increase by a <br />minimum of 50% of the current market value. <br />3. Housing Districts <br /> May be considered on a case-by-case basis. <br /> <br />IV. PROJECT QUALIFICATIONS <br /> <br />All public financing requests considered by the City of Mounds View must meet each of <br />the following requirements: <br /> <br />A. The project shall meet at least one of the objectives set forth in Section II and <br />satisfy all the provisions set forth in Section III of this document. <br /> <br />B. The developer shall demonstrate that the project is not financially feasible but-for <br />the use of public financing. <br /> <br />C. The project shall comply with all applicable laws. <br /> <br />D. The project must be consistent with the City’s Comprehensive Plan, Land Use <br />Plan, and Zoning Ordinances. <br />