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7 projects are eligible for tax-exempt revenue bonds and those issued for commercial projects are taxable. Bonds issued through the Common Bond Fund are investment-grade instruments with a rating based on the security provided by the fund. e) Bank Qualified Bank Direct Tax-Exempt Loans. These are cost- effective tax-exempt financing for capital projects for small manufacturing companies and nonprofit organizations. 5) Business Improvement Partnership Program The City’s Economic Development Authority has a vested interest in helping Mounds View businesses thrive and prosper while improving the aesthetics of the commercial, industrial, and retail sectors of the community. Accordingly, the Mounds View Business Improvement Partnership Program has been established to partner with local businesses by providing 2% interest loans for exterior and interior building improvements. Who can apply: Any business owner with a facility or property located in Mounds View. How does the program work: The City’s Economic Development Authority, in partnership with local banks, will provide improvement loans to existing Mounds View businesses at a minimum of $10,000 and a maximum of $50,000. The City participates by providing half of the loan amount at a 2% interest rate. 6) Tax Rebate Financing (TRF) In 2000 the City of Mounds View adopted policies pertaining to Tax Rebate Financing (also known as Tax Abatement). An abatement is a property tax repayment rather than an exemption from paying property taxes. It is a method to finance up-front costs and provide additional equity to a development or to finance a public improvement. For eligible redevelopment and development projects, all or a portion of City real estate taxes can be rebated for up to 15 or 20 years. Ramsey County and the Mounds View School District can also rebate all or a portion of their share of real estate taxes. Who can apply: Any developer or business owner with a facility or property located in Mounds View, or any developer or business owner intending to construct a facility in Mounds View. How does the program work: The developer or business owner completes a Tax Rebate Financing (TRF) application and submits the application and the required $1,000 application fee to the City’s Community Development Department. Economic Development staff reviews and analyzes the information and presents it to the City’s Economic Development Authority. The maximum applicants may abate is $200,000 per year or up to 10% of the City’s levy. There is no minimum abatement or rebate.