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M.V. EDA Tax Increment Financing Policy 1.22.07
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<br />I. GENERAL POLICY PURPOSE:
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<br />The Mounds View Economic Development Authority (EDA) has the powers under the Minnesota Statute
<br />Sections 469.124 through 469.137 and sections 469.001 through 469.047 to govern and monitor the use
<br />of tax increment financing for Mounds View’s tax increment districts and the Mounds View development
<br />district which encompasses the entire boundaries of the City of Mounds View. It is the responsibility of the
<br />Mounds View Economic Development Authority to use tax increment financing as a tool to accomplish the
<br />City’s economic development and redevelopment goals and objectives. The Mounds View Economic
<br />Development Authority understands and abides by the fundamental principal principle which makes tax
<br />increment financing viable to encourage development and redevelopment which would otherwise not
<br />occur.
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<br />The Mounds View Economic Development Authority shall consider tax increment financing in cases that
<br />serve to accomplish the City’s development goals and activities as hereby defined in projects eligible for
<br />tax increment financing. The Mounds View EDA has determined that it is advisable and in the best
<br />interest of the City to adopt a policy relating to Tax Increment Financing (TIF) for private development.
<br />It is intended that this policy not be construed as exclusive but instead to provide general guidelines for
<br />addressing TIF in the City and, in adopting this policy, the EDA acknowledges that special cases may be
<br />required based on the particular facts present in any given situation and the proposed development or
<br />redevelopment would not reasonably be expected to occur solely through private development within the
<br />foreseeable future.
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<br />It is the policy of the City of Mounds View to consider the judicious use of Tax Increment Financing (TIF)
<br />for those projects which demonstrate a public benefit by constructing public improvements in support of
<br />developments that will: create new jobs, retain existing employment, eliminate blight, strengthen the
<br />economic base of the City, increase property values and tax revenues, create economic stability, and/or
<br />expansion of business and housing options in the City.
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<br />II. PROJECTS ELIGIBLE FOR TAX I NCREMENT FINANCING:
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<br />Projects eligible for consideration of Tax Increment Financing assistance per the Mounds View
<br />Development Project Plan dated May 9, 1994 include, but are not limited to (1) the attraction, retention,
<br />rehabilitation and preservation of commercial, industrial, retail, residential, recreational and public service
<br />facilities; (2) new and rehabilitated public infrastructure; (3) community and other public service centers;
<br />(4) senior/mature adult and/or other housing development partnerships or other multi-use housings
<br />projects and facilities; (5) other public utilities (including telecommunications); (6) business incubator loan
<br />and other business programs; and (7) transportation systems. More emphasis will be placed on those
<br />items which increase the tax base, eliminate blight, and the meet the City’s economic and redevelopment
<br />goals.
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<br />III. COSTS ELIGIBLE FOR TAX INCREMENT FINANCING:
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<br />Project costs qualifying for Tax Increment Financing assistance, as defined under the TIF Act, include
<br />utilities design, architectural and engineering fees directly attributable to site work, site related permits,
<br />earthwork/excavation, soils correction, landscaping, utilities (sanitary sewer, storm sewer, and water),
<br />streets and roads, street/parking lot paving, street/parking lot lights, curb and gutter, sidewalks, land
<br />acquisition, special assessment, legal (relating to acquisition, financing, and closing fees), soils tests and
<br />environmental studies, surveys, park dedication fee, SAC, WAC, charges, titles insurance and TIF
<br />application deposit.
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<br />IV. DETERMINATION OF AMOUNT OF ASSISTANCE TO APPLICANT:
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<br />Within TIF Districts
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<br />The amount of Tax Increment Financing provided to an applicant will be based, in part, on the analysis of
<br />information provided on the application for Tax Increment Financing assistance (Attachment “A”), amount
<br />of increment generated by the project as evaluated by the City’s Financial and/or Bond Counsel and the
<br />City’s economic and redevelopment goals.
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