Agenda Packets - 1984/11/26 - Laserfiche WebLink

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RESOLUTION NO. CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION ESTABLISHING POLICY GUIDELINES FOR TAX INCREMENT FINANCING WHEREAS, Minnesota Statutes 273.71 to 273.78 permit the establishment of a Tax Increment Financing District for the purpose of financing redevelopment, housing, or economic development in municipalities through the use of tax increment generated from the captured assessed value in the tax increment financing district, and WHEREAS, in some cases the City may want to encourage certain projects by means of tax increment financing, and WHEREAS, it is the desire of the City to adopt policy guidelines relative to tax increment financing. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View: The following guidelines are established relating to the acceptance, consideration, and approval of applications for Tax Increment Financing assistance. However, applicants should understand that, notwithstanding observance of these guidelines, the City Council may in its sole judgement reject an application or that the City Council may in its sole judgement approve an application notwithstanding that one or more guidelines have not been complied with: 1. Applicants will submit an economic feasibility report concerning the proposed Tax Increment Financing project to the City at least ten (10) working days prior to the Council meeting at which the applicant will seek preliminary Council approval. Said report shall contain the following information: a. A narrative description of the proposal including a map showing the area to be involved in the Tax Increment Financing District. b. An analysis and description of the costs to be funded with Tax Increment Financing and presented in budget form including the proposed amounts of indebtedness. C. The sources of income used to retire to the indebtedness. d. Assumptions made in the preparation of the feasibility report.