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EDA TIF QUESTIONS? <br /> <br />1) <br /> <br /> What is the formula to determine TIF Assistance? <br /> <br /> 1) Prospect contacts the City and wants to know what kind of assistance may be provided. <br /> <br />2) If project is available for TIF assistance Staffsends the prospect a letter that shows the different types of <br /> assistance the City of Ramsey provides, i.e. revolving loan fund, SBA Loans and TLF. <br /> <br />3) The City requests a detailed description of the project (Square footages, office/warehouse split and type <br /> of building materials) and a pre-construction statement. <br /> <br /> The City ~'or,,vards this information on to the county assessor to obtain a taxable value. <br /> <br /> Once the City has obtained the requested information, an estimate can be determined to the amount of <br /> TIF the project would generate. <br /> <br /> Based on the "maximum" assistance, City. Staff determines how many jobs would be created as a <br /> requirement of Business Subsidy Law. Business Subsidy Law requires that one job over $10.00/hr. be <br /> created per $75,000 assistance. The City usually demands higher standards that require 1-$12.00+ job <br /> per $25,000 in assistance. <br /> <br /> Staff begins negotiations with the prospect. <br /> <br /> Once all the preliminary issues are determined, an assistance package is prepared by the City. The <br /> assistance paclcage that the City Staff negotiates with the prospect is done so in light of limitations set <br /> forth by the amount of TiF financing that is available. <br /> <br />9) Each project is reviewed on an individual basis, but priority is given to projects with high quality jobs <br /> and facilities. Maximum utilization of land with permanent structures have more value than projects <br /> that have poor land utilization and si~ificant outside storage. <br /> <br />4) <br /> <br />5) <br /> <br />6) <br /> <br />7) <br /> <br /> <br />