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03-26-2007
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03-26-2007
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MV EDA
EDA Document Type
Council Packets
Date
3/26/2007
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4 <br />a public improvement. For eligible redevelopment and development projects, all or <br />a portion of City real estate taxes can be rebated for up to 15 or 20 years. <br />Ramsey County and the Mounds View School District can also rebate all or a <br />portion of their share of real estate taxes. <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 Rebate Financing (TRF) <br />application and submits the application and the required $1,000 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 maximum applicants may abate is $200,000 per year <br />or up to 10% of the City’s levy. There is no minimum abatement or rebate. <br />Contact Aaron Backman at 763-717-4029 for additional information regarding <br />program criteria and process. <br /> <br />3) Tax Increment Financing (TIF) <br />TIF is considered the premier tool for economic development in Minnesota. <br />Since 1986 the biggest single development program in the City of Mounds View’s <br />Toolbox has been the use of Tax Increment Financing (TIF). TIF, in brief, is the <br />ability to capture and use all increased local property tax revenues from new <br />development within a defined geographic area. TIF payments to developers can <br />be used for eligible uses, such as land acquisition, demolition, utilities, parking, <br />relocation, administration, etc. There are different types of TIF districts, including <br />redevelopment, economic development, housing, and soils condition districts. <br />Mounds View currently has four tax increment financing districts—three <br />redevelopment districts and one economic development district. <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. Contact Aaron <br />Backman at 763-717-4029 for additional information regarding program criteria <br />and process. <br /> <br /> <br />
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