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PURPOSE: The City Council for the City of St. Anthony has determined that it is advisable and in the best interest of the City of St. Anthony to adopt a policy relating to Tax Increment Financing (TIF) for private development. It is intended that this policy not be construed as exclusive but instead to provide general guidelines for addressing TIF in the City and, in adopting this policy., the City Council acknowledges that special cases and variations may be required based on the particular facts present in any given situation and to encourage development and/or redevelopment that would not otherwise occur "but for" the assistance provided through TIF. SUMMARY: It is the policy of the City of St. Anthony to consider the judicious use of Tax Increment Financing (TIF) for those projects which demonstrate a substantial and significant public benefit by constructing public improvements in support of developments that will: - create new jobs, significantly benefit the City's fiscal future, retain existing employment, eliminate blight, strengthen the economic base of the City, increase property values and tax revenues, reduce poverty, create economic stability, stabilize and upgrade current neighborhoods and areas for the attraction, retention, and expansion of business and housing options in the City, and implement projects that are consistent with the City's Comprehensive Plan. POLICY CONSIDERATIONS: The City of St. Anthony will consider providing Tax Increment Financing (TIF) for projects that achieve the following: • 1. Demonstrated long-term benefits to the Community; 2. Provides quality employment opportunities; 3. Significantly adds to the City's commercial and industrial tax base by providing a high-quality development; 4. To achieve any of the following housing -related goals: to ensure all housing is safe and well maintained; to provide a balanced and sustainable housing stock to meet diverse needs both today and in the future; to promote neighborhood stabilization and revitalization by the removal of blight and the upgrading of existing housing stock. 1. The City of St. Anthony intends to use TIF to provide the developer assistance and to provide direct funding for public improvements. 2. The use of TIF shall be in accordance with Minnesota law. Because changes are frequently made to state law regarding the use of TIF by cities, conflicts between State regulations and City policy may arise. If this conflict does present itself, the more restrictive language shall apply. W