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Saint Anthony Public Financing Policy Page 2 <br />to the recipient of the assistance,any reduction or deferral of any tax or any <br />fee,tax increment financing (TIF),abatement of property taxes,loans made <br />from City funds,any guarantee of any payment under any loan,lease,or <br />other obligation,or any preferential use of government facilities given to a <br />business.Certain types of public finance assistance may not be considered <br />business subsidies under the Statutes. <br />D.The criteria contained herein shall be used in conjunction with other relevant <br />policies of the City.Compliance with the Policy shall not automatically mean <br />compliance with such separate policies. <br />E.The City,at its sole discretion,may deviate from the job and wage goals <br />criteria outlined in Section 5 D,E,and F below by documenting in writing <br />the reason(s)for the deviation.The documentation shall be submitted to <br />DEED with the next annual report. <br />F.The City may amend this document at any time.Amendments to this Policy <br />are subject to public hearing requirements contained in the Statutes. <br />2.CITY’S OBJECTIVE FOR THE USE OF PUBLIC FINANCING: <br />A.As a matter of adopted policy,the City may consider using public financial <br />assistance which may include tax increment financing (TIF),tax abatement, <br />and other forms of public financing as appropriate,to assist private <br />development projects.Such assistance must comply with all applicable <br />statutory requirements and accomplish one or more of the following <br />objectives: <br />1.Remove blight and/or encourage redevelopment in designated <br />redevelopment/development area(s)per the goals and visions <br />established by the City. <br />2.Assure any new multi-family development contains units affordable <br />at or below 60% AMI. <br />3.Expanding housing options to meet the needs of people at all life <br />stages and income levels. <br />4.Expand and diversify the local economy and tax base. <br />5.Encourage additional unsubsidized private development in the area, <br />either directly or through secondary “spin-off” development. <br />6.Offset increased costs for redevelopment over and above the costs <br />that a developer would incur in normal development (determined as <br />part of the But-For analysis). <br />7.Facilitate the development process and promote development on <br />sites that could not be developed without this assistance.