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ECONOMIC DEVELOPMENT AUTHORITY [EDA] FOR THE CITY OF RAMSEY PROJECT FINANCING GUIDELINE STATEMENT OF POLICY July 1995 Section 1. Puruose. The EDA hereby adopts these guidelines in order to provide a framework in whidh the EDA may review development proposals requesting public assistance. It is the purpose of ~e guidelines to state, in general terms, the policies of the EDA regarding assistance to privat~ development, including the type of development the City wishes to encourage, the location of sucli development, and the types of assistance which the EDA is inclined to support. Section 2. Criteria. for Evaluation of Request for TIF Assistance. The following criteria shall be utilized by the EDA in evaluating expenditure of development funds. A. The EDA will not provide financial development assistance to any residential use outside, of the Metropolitan Urban Service Area (MUSA). For commercial and indus~al uses or residential uses inside the MUSA, the principal intent of project fundingiwill be: 1. Extension of water/sanitary or storm sewer 2. Strut improvements 3. Environmental mitgafion of negative impacts 4. Development of parcel site improvements 5. Dis~ct or City-wide reduction in blighting influences 6. Commercial/Industrial retention, expansion or attraction Further, it tis intended that when expenditures are directly related to a development proposal, the EDA will complete an. EDA project proforma detailing the return on investment of funds. Number of Iobs Created. In recognition of the goals of the Municipal Development District'Act and Tax Increment Financing (TIF) Act that jobs be created or preserved through TIF, it is the policy of the City to favor labor intensive developments over those seeking a similar amount of assistance but providing fewer jobs. Although constmation jobs are of significance in this regard, it is the number of full-time or part- time permanent jobs in which the City is primarily interested. Do Types of Development. The EDA intends to promote development of the City in conformance with the Zoning Ordinance and Comprehensive Plan. The EDA will consider requests for assistance for all types of development, including residential projectsl but will do so only where the proposed development is consistent with the general plans for development of the City as a whole. All administrative, engineering and legal costs incurred by the City, in the course of participating in a project, shall be included in the amount of total assistance available to the project. Section 3. No Contractual Rights. The guidelines contained in Section 2 are intended to be a broad statemen~t of the EDA's policy. They do not create any contractual fights or obligations on the part of devalopers or the EDA. They do not guarantee that the EDA will support any particular request nor do they limit the EDA's right to participate in a development which is