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<br />TIF Assistance <br /> <br />The following information summarizes the guidelines that the City of <br />Ramsey uses to determine the amount of assistance a prospective business <br />could receive for a new project. In addition to the factors below, the <br />duration and type of TIF district where the property is located will also <br />determine the type of business that qualifies and the amount of tax increment <br />that is available for assistance. It should be noted that these are City criteria <br />and are above and beyond the Minnesota statutory guideline. <br /> <br />1) Square foot of Building. <br />2) Taxable Market Value of building. <br />3) Number of new jobs created. <br />4) Number of jobs created over $ 14.00/hr. <br />5) $25,000 of assistance for each qualifying job (not automatic <br />assistance but a minimum guideline <br />6) Quality of building (no metal buildings) <br />7) Absence of outside storage. <br />8) Fit in industrial park with surrounding businesses. <br />9) Business diversity. <br />10) Community impact (i.e. Crestview) <br />11) Timing (When will this project be built?) <br /> <br />The items listed above are what the City considers when looking at each <br />business prospect and comparing two businesses vying for the same lot. In <br />addition to the above criteria, there are some State of Minnesota mandates <br />that also guide how TIF can be used. They include: <br /> <br />1) Creation of Tax Base <br />2) Retention of Existing Jobs <br />3) Jobs created have to be at least $12.00/hr. <br />4) $75,000 of assistance for each qualifying job (not automatic assistance <br />but a minimum guideline. <br /> <br />It should also be noted that EDA has a revolving loan fund that can be used <br />to assist in project costs. <br />