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02-08-2016
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8/6/2018 6:08:44 AM
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MV EDA
EDA Document Type
Council Packets
Date
2/8/2016
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<br />City of Mounds View Public Financing Policy & Application <br />Adopted February, 2016 (Expected) <br />Page 20 of 21 <br /> <br />PUBLIC FINANCING APPLICATION REVIEW WORKSHEET – <br />HOUSING PROJECTS <br /> <br /> <br /> <br />1. The project meets the criteria set forth in Section IV of the City’s Public <br />Financing Policy. <br /> a) Meets at least one objective in Section II all provisions in <br />Section III. <br /> b) Demonstrates need for TIF with the but-for analysis. <br /> c) The project complies with all applicable laws. <br /> d) Consistent with all city plans and ordinances. <br /> e) Serves at least two public purposes as defined in Section IV (E). <br /> f) Developer has paid the application fee. <br /> <br /> <br />2. Ratio of Private to All Public Investment in Project: Points: <br /> Greater than 7:1 10 <br />$ Private investment 6:1 8 <br />$ Public Investment 5:1 6 <br /> Ratio Private: Public Financing 4:1 4 <br /> 3:1 2 <br /> Less than 3:1 1 <br /> <br />3. Project provides housing that is restricted Points: <br /> to persons 55 years and older: 10 <br /> <br /> <br />4. Market Value/Tax Base Generation: Points: <br />Project will result in an estimated <br />market value per unit $135,000/Unit 5 <br />(land and building) of $125,000/Unit 4 <br /> $115,000/Unit 3 <br /> $105,000/Unit 2 <br /> $ 95,000/Unit 1 <br /> <br />5. Project proposes rehabilitation of existing <br /> housing, housing stock, and maximizes <br /> utilization of existing infrastructure: Points: <br /> 10 <br /> <br />6. Project proposes a location near existing <br /> jobs, transportation, recreation, retail services, <br /> social services, and schools: Points: <br /> 3 <br /> <br /> <br /> <br />TO BE COMPLETED BY CITY STAFF OR CONSULTANTS
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