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December 1989 <br />TAX INCREMENT POLICY STATEMENT <br />The North Metro Mayors Association believes that tax <br />increment financing is the only effective existing tool by which <br />local government can preserve- and protect its -physical and <br />economic development environment•it habeen <br />the <br />redevelopment carrying ingredient in providing housing, Y 9 out <br />encouraging economic development that would not have otherwise <br />occurred. <br />The Association understands that tax increment financing <br />must be used efficiently and with appropriate restraint. In this <br />regard, the Association adopts the following policy statement: <br />Policy <br />Member cities of the North Metro Mayors Association intend <br />to use tax increment financing for: <br />o Creation of jobs, <br />o Demonstrate public purpose, <br />o Housing to benefit targeted groups, <br />o Correction of significant soil or land <br />problems, <br />o Significant increase in tax base, and <br />o Redevelopment of existing blighted or <br />substandard properties. <br />Policy No. 2: <br />The Legislature has exhibited continuing concern that cities <br />are utilizing tax increment financing to compete with each other <br />for development. cities o in "bidding wars Mawith Bother Assocmember <br />iation <br />will not knowingly <br />cities by deviating from existing policy on projects which are to <br />be funded with tax increment. Member cities are committed to a <br />pro -active attempt to avoid "bidding wars." <br />