Agenda - Council - 08/25/1987 - Laserfiche WebLink

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Councilmember introduced the following resolution and moved for its adoption: RESOLUTION $ 87- RESOLUTION ADOPTING A STATEMENT OF POLICY REGARDING TAX INCREMENT FINANCING NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF R_4MSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: Section 1. Purpose. In order to provide a framework in which the City of Ram6ey may review requests from developers for tax increment financing (TIF) assistance, the City Council seeks to adopt TIF guidelines. It is the purpose of the guidelines to state in general terms the policies of the City regarding TIF assistance for private development, including the type of development the City wishes to encourage,'the location of such development and the types of assistance which the City is inclined to support. Section 2. Criteria for Evaluation of Request for TIF A~li~. The following criteria shall be utilized by the City Council in evaluating requests for TIF assistance: A. Location of Development. The City shall be' classified into the following six areas: Residential Commercial/Industrial Rural - without 0% 25% utilities Urban - without 15% 40% utilities Urban - with 45% 70% utilities The above figures represent the percentage of the increment produced by a property within the designated area which may be made available for assistance to that site. It is the intent of the City that each parcel for which TIF assistance is requested "pay for itself" by generating increment greater than the amount of requested assistamce. Increment generated in excess of the above figures would be available for public improve- ments of benefit to the TIF District or Development Dis- trict as a whole. Number of Jobs Created. In recognition of the goals of the Municipal Development District Act and Tax Increment Financing 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 Resolution ~$7-