Laserfiche WebLink
<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 (~~469.1812 through ~~469.1815) and Tax <br />Increment Financing (~~469.174 through ~~469.1799)(TIF), 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 />. . <br />review of applications requesting the use of Tax Abatement and Tax <br />Increment Financing. It is the expressed intent of ~he City to minimize the <br />risk l}nd 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 relat~d 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. Meeting 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 and/or increase the number and divers~ty 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 privat~ (re)development. <br /> <br />5. To remove blight and/or encourage (re)development of commercial <br />and industrial areas. <br /> <br />The Economic Development Authority and City of Ramsey, Minnesota. Policies. <br />