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to $500,000. In addition, this program allows for up to $500,000 in job creation rebates based upon jobs <br />created and their salary levels. <br />PROPERTY TAX PROGRAMS: <br />5. Tax Abatement <br />6. Tax Increment Financing (TIF) <br />Tax abatement and TIF are local tax programs typically used for development or land acquisition costs. <br />In general, both programs work by capturing property taxes generated by a particular parcel then <br />dedicating said tax revenue for a specific project cost. <br />PRIMARY FINANCING: <br />7. Private Primary Lender and/or Owner Equity [no involvement from City] <br />8. Industrial Revenue Bonds (IRB) <br />Typically, projects are funded in large part by a private primary lender and with some level of owner <br />equity. Certain manufacturing projects are eligible for complete funding via Industrial Revenue Bonds <br />(IRB). IRBs are have a tax exempt status —which results in a lower interest rate for the borrower. <br />HOW DO I KNOW WHAT TOOLS I AM ELIGIBLE FOR? <br />Identifying finical tools your business may be eligible for is a clearer and cleaner process if project specs can <br />be provided to the City (i.e. project budget, job details, building specs, etc.). <br />DISCLAIMER: Eligibility for financing tools based on the merit of an individual project, compliance with <br />specific program requirements and in many cases approval from the Ramsey EDA and City Council. The <br />City of Ramsey targets quality projects with high quality job growth. Typically, projects require owner equity <br />and/or private financing. Most programs require specific job creation goals and annual reporting. The <br />following pages provide detailed information on each program. <br />Tax Increment Financin <br />Description goes here. <br />Figure 7: Development District No. <br />A map of Development District No. 1. <br />Figure 8: Tax Increment Financing Districts <br />A map of TIF Districts. <br />Economic Development Implementation <br />The Metropolitan Council's Regional Development Framework, ThriveMSP 2040, outlines roles for the <br />Metropolitan Council and Ramsey for land use policy. Specific to land use policy, the Metropolitan Council <br />has set a goal for the region to achieve Economic Competitiveness. <br />Ramsey Role <br />• Consider how local efforts to focus <br />economic development strategies along <br />existing commercial centers (historic <br />downtowns or commercial corridors) can <br />contribute to the region's overall economic <br />Metropolitan Council Role <br />• Invest in regional amenities and services, <br />• including transit, regional parks and trails, <br />and bikeways to support the Emerging <br />Suburban Edge area as an attractive place <br />to locate and do business. <br />City of Ramsey 2040 Comprehensive Plan Update <br />Land Use Plan <br />Page 16of18 <br />