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.¥~?_.".:bs." 923, December 18, 1998 Draft <br /> <br />Eco..nomic Development Tools <br /> <br />Tax Increment Financing (TIF) <br /> <br />TIF is a tool used by cities and other development authorities to finance certain types of <br />development/redevelopment costs. The public purposes of TIF are the redevelopment of blighted <br />areas, construction of Iow and moderate-income housing, provision of employment opportunities, <br />and improvement of tax base? <br /> <br />Ramsey has two tax increment project areas that contain six tax increment districts designated for <br />redevelopment and economic development. <br /> <br />Livable Communities Act <br /> <br />By being a participant in the Metropolitan Council's Livable Communities Act, the City becomes <br />eligible for grants and loans that support development and redevelopment of livable communities. <br />The tax base revitalization account provides funds to clean up contaminated land to support <br />economic redevelopment, job retention and job growth. This site could possibly assist the City <br />with any clean up costs that might be associated with unknown dumps on potential industrial land <br />or spills on redevelopment lands. <br /> <br />?epartment of Trade and Economlc Development <br /> <br />DTED provides support to local municipalities particularly geared towards retaining businesses <br />within the State of Minnesota. DTED will provide help with creating an economic development <br />plan' and identifying strategies to implement the plan. Financial assistance is available in the form <br />of a variety of loans and grants such as the Contaminated Site Cleanup grant program, which is <br />designed to assist communities in converting brownfields back into marketable/developable <br />industrial and commercial land. <br /> <br />Tax Increment Financing March 1996, Program Evaluation Division, Office of the Legislative Auditor <br /> <br />CiO~ of Ramsey Comprehensive Plan <br /> <br />Page 119 <br /> <br /> <br />