Laserfiche WebLink
City of Hugo, Minnesota <br /> TAX INCREMENT FINANCING PROPOSAL REVIEW WORKSHEET <br /> Redevelopment Districts <br /> 1. The project meets the criteria set forth in Section III of the City's Tax Increment Financing <br /> policy. <br /> X a) Meets minimum thresholds for size,value,and tax capacity. <br /> X b) Meets at least one of the objectives in Section III and satisfies the provision set forth in <br /> Section IV. <br /> X c) Demonstrates need for TIF with the but-for analysis. <br /> X e) Consistent with all city plans and ordinances. <br /> X f) Serves at least two public purpose as defined in Section IV. It serves 5 objectives—some of <br /> the jobs will have livable wage and benefits. All jobs are expected to pay higher than <br /> minimum wage. <br /> 2. Ratio of Private to Public Investment in Project: Points: <br /> $3,907,990 Private investment 5:1 5 <br /> $_320,500 Public investment 4:1 4 <br /> 12.19:1 Ratio Private to Public Financing 3:1 3 <br /> 2:1 2 <br /> Less than 2:1 1 <br /> 3. Structure of Financing: Points: <br /> X < 10%of Subsidy Requested for Land Acq. 5 <br /> ❑ 11%-20%of Subsidy Requested for Land Acq. 4 <br /> ❑ 21%-30%of Subsidy Requested for Land Acq. 3 <br /> ❑ 31%-40%of Subsidy Requested for Land Acq. 2 <br /> ❑ 41%-50%of Subsidy Requested for Land Acq. 1 <br /> 4. Type of Project: Points: <br /> ❑ 100%Owner Occupied 5 <br /> X Mix Owner Occupied&Investment 4 <br /> ❑ Investment Property 3 <br /> 5. Use: Points: <br /> X Retail 5 <br /> ❑ Office/Commercial 5 <br /> ❑ Mixed-use 5 <br /> ❑ Housing 3 <br /> ❑ Industrial 1 <br /> 6. Type of Development: Points: <br /> X Redevelopment of Substandard Structures 5 <br /> 0 Development of Vacant Land 3 <br />