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(Drafted 5-19~92) ECONOMIC DEVELOPMENT AUTHORITY lEDA] FOR THE CITY OF RAMSEY PROJECT FINANCING GUIDELINE STATEMENT OF POLICY June 1992 Section 1. Puri~ose. The EDA hereby adopts these guidelines in order to provide a framework in which the EDA for the City of Ramsey may review development proposals requesting public assistance. It is the purpose of the guidelines to state in general terms the policies of the EDA regarding assistance to private development, including the type of development the City wishes to encourage, the location of such development and the types of assistance which the EDA is inclined to support. Section 2. Criteria ft~r EvaluatiO~ of Renuest for TIF Assistance. The following criteria shall be utilized by the EDA in evaluating expenditure of development funds. The EDA will not provide financial development assistance to any residential use outside of the Metropolitan Urban Service Area [MUSA]. For Commercial and Industrial uses or for Residential uses inside the MUSA the principal intent of project funding will be: 2. 3. 4. 5. 6. Extension of water/sanitary or storm sewer Street improvements Environmental mitigation of negative impacts Development of parcel site improvements District or CiB,-wide reduction in blighting influences Commercial/Industrial retention, expansion or attraction Further, it is 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 Jobs Created. In recogn/tion 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 construction jobs are of significance in this regard, it is the number of full-time or pan-time permanent jobs in which the City is predominantly interested· 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 projects, 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, en~neering and legal costs incurred bv the City in the course of participating in a project shall be included in the amount o3 total assistance available to the project. EDA Financing Page 1 of 7