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(Drafted 5-19.92) <br />FOR THE <br /> <br /> ECONOMIC DEVELOPMENT AUTHORITY [EDA] CITY OF RAMSEY <br /> <br /> PROJECT FINANCING GUIDELINE <br /> STATEMENT OF POLICY <br /> June 1992 <br /> <br />Section 1. !~ The EDA hereby adopts these guidelines in order to provide a <br />framework ir~ w-i~ich the EDA for the City of Ramsey may review development proposals <br />requesting pnl~lic assistance. It is the purpose of the guidelines to state in general terms the policies <br />of the EDA re[ard~ng assistance to private development, including the type of development the City <br />wishes to enCq~ural~e, the location of such development and the types of assistance which the EDA <br />is inclined to ~pp~brt. <br /> <br />Section 2. ~Crflerm for Evaluation of Reouest for TIF Assistance. The following <br />criteria shall bl~ utilized by the EDA in evaluating e~penditure of development funds. <br /> <br /> A. [Th~ EDA will not provide financial development assistance to any residential use <br /> touts;ire of the Metropolitan Urban Service Area [MUSA]. For Commercial and <br /> ~Ind~astrial uses or for Residential uses inside the MUSA the principal intent of <br /> i pr0ject funding will be: <br /> ;~ . <br /> <br /> [ 1. i Extension of water/sanitary or storm sewer <br /> [~21 Street improvements <br /> Environmental mitigation of negative impacts <br /> ~4~ i Development of parcel site improvements <br /> i6 ! ' i District or City-wide reduction in blighting influences.~ <br /> Commercial/Industrial retention, expansion or attraction <br /> <br /> ~Further, it is intended that when expenditures are directly related to a development <br /> [prolbosal, the EDA will complete an EDA project proforma detailing the return on <br /> ,invdstment of funds. <br /> <br /> B, :~iNumber of Jobs Created. In recognition of the goals of the Municipal Development <br /> [)i$~trict Act and Tax Increment Financing (TIF) Act that jobs be created or <br /> re~erved through TIF, it is the policy of the City to favor labor intensive <br /> Cdev¢lopments over those seeking a s~mflar amount of assistance but prowd~ng <br /> ifeW~r jobs. Although construction jobs are of significance in this regard, it is the <br /> inu~ber of full-time or part-time permanent jobs in which the City is predominantly <br /> fintetested. <br /> <br /> C. ~l'yp~s of Development. The EDA intends to promote development of the City in <br /> ,~onformance~ . with the Zoning Ordinance and Comprehensive Plan. The EDA will' <br /> [conshder requests for assistance for all types of development, including residential <br /> l~roi~cts, but will do so only where the proposed development is consistent with the <br /> :generat pmns ~or development of the City as a whole. <br /> D. ~lladministrative, engineering and legal costs incurred by the City in the course of <br /> ~art~ipafi. ng in a project shall be included in the amount of total assistance available <br /> to the project. <br /> <br />EDA Financing <br />Page 1 of 7 <br /> <br /> <br />