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<br /> <br />- - .. .' <br />.::~.::....:._..:..:~:~,;:~~-:i~7:iC'i::.::... _l_.".;'-_~-..i',..~-~\" - -~"" ""-"_;"':" _-.o::~~'::~~~ <br /> <br />City and EDA of Ramsey Tax Abatement and Tax Increment Financing Policy <br /> <br />7 <br /> <br />2. City and EDA of Ramsey Tax Abatement and Tax Increment Financing Policy <br />A. PURPOSE <br /> <br />The purpose of this policy is to establish the City's position relative to the <br />use of Tax Abatement (99469.1812 through 99469.1815) and Tax <br />Increment Financing (99469.174 through 99469.1799) (TIP), also referred <br />to in this document as the business assistance .programs, or business <br />assistance. This policy shall be used as a guide in the processing and <br />review of applications requesting the use of Tax Abatement and Tax <br />Increment Financing. It is the expressed intent of the City to minimize the <br />risk and amount of business assistance to a project and to leverage its <br />public dollars to maximize private sector funding. <br /> <br />The City is granted the power to utilize the business assistance programs by <br />Minnesota Statutes 2008 as cited. The fundamental purpose of the business <br />assistance programs is to encourage desirable private development or <br />redevelopment within the City that would not occur but for the assistance <br />provided. Further information related to the States business assistance <br />programs and links to State Statutes can be found at www.state.mn.us. <br /> <br />The City will approve or reject requests for business assistance on a case by <br />case basis taking into consideration established policies, project criteria, <br />and the project's demonstrated public purpose. Meetirig all policy criteria. <br />does not guarantee approval of the requested bUSIness assistance. The City <br />maintains its ability to approve or deny the request at its discretion. . <br /> <br />B.PUBLIC PURPOSE OBJECTIVES <br /> <br />The City will consider the use of business assistance programs which <br />demonstrate the achievement of one or more of the following public <br />purpose objectives: <br /> <br />1. To encourage redevelopment of priority sites within the City as <br />determined by the City Council and EDA. <br /> <br />2. To retain local jobs andlor increase the number and diversity of jobs <br />that offer stable employment and/or attractive wages and benefits. <br /> <br />3. To enhance and/or diversify the City's economic base. <br /> <br />4. To encourage additional unsubsidized private (re)development. <br /> <br />5. To remove blight-andlor encourage (re)development of commercial <br />and industrial areas. <br /> <br />20 <br /> <br />The Economic Development Authority and City of Ramsey, Minnesota. Policies. <br />