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(Drafted <br /> <br />ECONOMIC DEVELOPMENT AUTHORITY lEDA] FOR THE <br /> CITY OF RAMSEY <br /> <br /> PROJECT FINANCING GUIDELINE <br /> STATEMENT OF POLICY <br /> June 1992 <br /> <br />12-19-92) <br /> <br />Section 1. , ~ The EDA hereby adopts these guidelines in order to provide a <br />framework i~ which the EDA for the City of Ramsey may review development proposals <br />requesting pub. lic ,,assistance. It is the purpose of the guidelines to state in general terms the policies <br />of the EDA yarding assistance to private development, including the type of development the City <br />wishes to encourage, the location of such development and the types of assistance which the EDA <br />is inclined to ~upport. <br /> <br />Section 2. Criteria for Evaluation of Request for TIF Assistance. The following <br />criteria shall be utilized by the EDA in evaluating expenditure of development funds. <br /> <br />i The EDA will not provide financial development assistance to any residential use <br /> outside of the Metropolitan Urban Service Area [MUSA]. For Commercial and <br />· Industrial uses or for Residential uses inside the MUSA the principal intent of <br /> project funding will be: <br /> <br />2. <br />3. <br />4, <br />5. <br />6. <br /> <br />Extension of water/sanitary or storm sewer <br />Street improvements <br />Environmental mitigation of negative impacts <br />Development of parcel site improvements <br />District or City-wide reduction in blighting influences <br />CommereialAndustrial retention, expansion or attraction <br /> <br />Further, it is intended that when expenditures are directly related to a development <br />proposal, the EDA will complete an FDA project proforma detailing the return on <br />investment of funds. <br /> <br />Bo <br /> <br />Number of Jobs Created. In rew~gnition of the goals of the Municipal Development <br />District Act and Tax Increment Financing (TIF) Act that jobs be created or <br />preserved through TIF, it is the policy of the City to favor labor intensive <br />developments over those seeking a similar amount of assistance but providing <br />fewer jobs. Although construction jobs are of significance in this regard, it is the <br />number of full-tlme or part-time permanent jobs in which the City is predominantly <br />interested. <br /> <br />Do <br /> <br />Types of Development. The EDA intends to promote development of the City in <br />conformance with the Zoning Ordinance and Comprehensive Plan. The EDA will <br />consider requests for assistance for all types of development, including residential <br />projects, but will do so only where the proposed development is consistent with the <br />general plans for development of the City as a whole. <br /> <br />Ail administrative, engineering and legal costs incurred by the City in the course of <br />participating in a project shall be included in the amount of total assistance available <br />to the project. <br /> <br />EDA Financing <br />Page 1 of 7 <br /> <br /> <br />