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III. PUBLIC PURPOSE OBJECTIVES OF BUSINESS SUBSIDIES In accordance with the Minnesota Business Subsidy Law, the City will consider using business subsidies to assist private development projects to achieve one or more of the following public purpose objectives: • To retain local jobs and/or increase the number and diversity of jobs that offer stable employment and/or attractive wages and benefits. • To enhance and diversify the City of Mounds View’s economic base and to increase the tax base. • To remove blight and/or encourage development of commercial, industrial or high priority areas in the city that result in higher quality redevelopment and private investment. • To encourage the revitalization and redevelopment of the County Highway 10 Corridor. • To encourage additional unsubsidized private development in the area, either directly or indirectly through “spin off” development. • To offset increased costs of redevelopment (i.e. contaminated site cleanup, demolition expenses, etc.) over and above the costs normally incurred in development. • To finance the costs associated with public infrastructure and public facilities. IV. GENERAL POLICIES FOR THE USE OF BUSINESS SUBSIDIES A. Business subsidy assistance will be provided from the City, by a “pay-as-you-go” note method, to the developer if the business subsidy is tax increment financing or tax abatement. Requests for up front financing will be considered on a case-by- case basis. B. It is the intent of the City to provide the minimum financing, as well as other incentives, at the shortest term required for the project to proceed. C. A developer requesting business subsidy assistance must demonstrate, to the satisfaction of the City, sufficient cash equity investment in the project as required within the City’s policy for the particular form of subsidy. D. A developer must be able to demonstrate to the City, or, if applicable, to the underwriting authority, a market-demand for a proposed project. E. Business subsidy will not be used in cases where the subsidy would create an unfair and significant competitive financial advantage over other similar projects in the area.