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RESOLUTION NO. 1348 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF 11IN-NESOTA <br />RESOLUTION REPEALING RESOLUTION NO. 1434 AND ESTABLISHING <br />POLICY GUIDELINES FOR TAX INCREMENT FINANCING <br />WHEREAS, Minnesota Statutes 273.71 to 273.78 permit <br />the establishment of a Tax Increment Financing District for <br />the purpose of financing redevelopment, housing, or economic <br />development in municipalities through the use of tax <br />increment generated from the captured assessed value in the <br />tax increment financing district, and <br />WHEREAS, in some cases the City may want to encourage <br />certain projects by means of tax increment financing, and <br />WHEREAS, it is the desire of the City to adopt policy <br />guidelines relative to tax increment financing; and <br />WHEREAS, Resolution No. 1434 adopted on May 10, 1982 <br />set policy guidelines for Tax Increment Financing; and <br />WHEREAS, it is the desire of the City Council to <br />revise the guidelines established by Resolution No. 1434. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Mounds View that Resolution No. 1434 is hereby <br />repealed. <br />BE IT FURTHER RESOLVED: The following guidelines are <br />established relating to the acceptance, consideration, and <br />approval of applications for Tax Increment Financing <br />assistance. However, applicants should understand that, <br />notwithstanding observance of these guidelines, the City <br />Council may in its sole judgement reject an application or <br />that the City Council may in its sole judgement approve an <br />application notwithstanding that one or more guidelines have <br />not been complied with: <br />1. Applicants will submit an economic feasibility report <br />concerning the proposed Tax Increment Financing <br />project to the City at least ten (10) working days <br />prior to the Council meeting at which the applicant <br />will seek preliminary Council approval. Said report <br />shall contain the following information: <br />a. A narrative description of the proposal including <br />a map showing the area to be involved in the Tax <br />Increment Financing District. <br />b. An analysis and description of the costs to be , <br />funded with Tax Increment Financing and presented <br />in budget form including the proposed amounts of <br />indebtedness. <br />c. The sources of income used to retire to the <br />indebtedness. <br />