Agenda - Economic Development Authority - 04/14/2011 - Joint Meeting

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City and EDA of Ramsey Tax Abatement and Tax Increment Financing Policy 7 2. City and EDA of Ramsey Tax Abatement and Tax Increment Financing Policy A. PURPOSE The purpose of this policy is to establish the City's position relative to the use of Tax Abatement (§ §469.1812 through § §469.1815) and Tax Increment Financing (§ §469.174 through § §469.1799) (TIF), also referred to in this document as the business assistance programs, or business assistance. This policy shall be used as a guide in the processing and review of applications requesting the use of Tax Abatement and Tax Increment Financing. It is the expressed intent of the City to minimize the risk and amount of business assistance to a project and to leverage its public dollars to maximize private sector funding. The City is granted the power to utilize the business assistance programs by Minnesota Statutes 2008 as cited. The fundamental purpose of the business assistance programs is to encourage desirable private development or redevelopment within the City that would not occur but for the assistance provided. Further information related to the States business assistance programs and links to State Statutes can be found at www.state.mn.us. The City will approve or reject requests for business assistance on a case by case basis taking into consideration established policies, project criteria, and the project's demonstrated public purpose. Meeting all policy criteria does not guarantee approval of the requested business assistance. The City maintains its ability to approve or deny the request at its discretion. B. PUBLIC PURPOSE OBJECTIVES The City will consider the use of business assistance programs which demonstrate the achievement of one or more of the following public purpose objectives: 1. To encourage redevelopment of priority sites within the City as determined by the City Council and EDA. 2. To retain local jobs and /or increase the number and diversity of jobs that offer stable employment and /or attractive wages and benefits. 3. To enhance and /or diversify the City's economic base. 4. To encourage additional unsubsidized private (re)development. 5. To remove blight and /or encourage (re)development of commercial and industrial areas. The Economic Development Authority and City of Ramsey, Minnesota. Policies.