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December 12, 2011 <br />Mounds View Business Toolbox <br />Page 9 of 9 <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. <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 a Tax Increment Financing (TIF) <br />application and submits the application and the required $5,000 application fee to <br />the City’s Community Development Department. Economic Development staff <br />reviews and analyzes the information and presents it to the City’s Economic <br />Development Authority. The EDA gives preference to the use of “pay as you go” <br />assistance to finance development or redevelopment projects. <br /> <br />