Agenda - Council - 12/12/2023 - Laserfiche WebLink

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City and EDA of Ramsey Tax Abatement and Tax Increment Financing Policy s 6. To assist in creating environmental sustainability. 7. To provide a diversity of family housing and alternative housing choices. 8. To promote neighborhood stabilization and revitalization by the removal of blight and the upgrading of existing housing stock in residential areas. 9. To accomplish other public policies which may be adopted such as the promotion of quality urban or architectural design, energy conservation, and decreasing capital and/or operating costs of local government, or any of the following: ■ Utilization of architectural and landscaping techniques that will enable the components of the project to blend with the natural environment. ■ Mitigation of project impact on the natural environment. C. POLICY POSITIONS 1. Business assistance shall be provided in a form that minimizes the risk of public participation. 2. Business assistance requests for up-front project financing through the sale of bonds or other internal sources may require personal guarantees of the developer. These requests shall be addressed on a case by case basis. 3. Business assistance shall not be provided for projects requiring land and/or building purchases at prices in excess of fair market value. 4. Business assistance shall not be provided to developers/projects that cannot adequately demonstrate an ability to complete the proposed project on time and on budget. 5. Assistance will be provided based on $25,000 per qualified job created as referenced in Section 1.A.2 in the Business Subsidy Policy unless a waiver is provided by the City Council. D. PROJECT REQUIREMENTS All projects requesting business assistance must demonstrate the following: 1. That the project is not financially feasible but-for the use of Revolving Loan Fund, Tax Abatement or Tax Increment Financing. 2. That the project will comply with all provisions set forth in Minnesota Statute chapters 116j.993 through 116j.995, as amended (Business Subsidies). The Economic Development Authority and City of Ramsey,Minnesota.Policies.