04-20-11 EDC Packet - Laserfiche WebLink

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We commend that the following points, taken from our research, be held in mind throughout this process: 1. The "but for" tests are only the minimum requirements for qualifying for TIF; prudent communities set more stringent requirements. 2. TIF is there to solve community problems. 3. Use TIF only when truly necessary; it was never designed to be an alternate financing method for private developers. TIF Selection Criteria Below is a draft of what selection criteria might look like. This is for discussion purposes only. The goal would be to modify the percentages and the specific criteria and have the City Council eventually, debate, vote and approve the Criteria. Once this is done the Economic Development Committee (EDC), with any assistance needed from FPAC, should develop a detailed scoring process and methodology. Minimum requirements to use TIF • The long -term viability of the development partner has been reviewed and the City has determined that the partner has the financial stability and track record to drive the full benefit of the project over the life of the project • The objective of the project produces long -term expected benefit that exceeds the length of the TIF and is at least 15 years in duration. Selection Criteria (in rank priority order within each section) Community Goals 60% 1. Materially enhances the health, safety and well -being of all who live, work and play in the City. a. Enhances an interconnected system of trails, pathways and open spaces. b. Protects and preserves the community's natural resources including open spaces, lakes, wetlands, other significant natural features and historic resources. 2. Enhances or retains development of TCAAP in a way that accommodates a mix of land uses that is sensitive to the natural environment, economically sustainable and a benefit to the community 3. Retains or creates jobs that are long -term in nature and at or above the median for the State of Minnesota (vs. Business Subsidy Policy standard ?) 4. Creates a desirable commercial /retail environment that enhances the long -term vitality of the City. 5. Provides a transportation system that has convenient and effective multi -modal connections within Arden Hills and to adjacent municipalities, the remainder of the Twin Cities Metropolitan Area and greater Minnesota. Future Leverage Goals 30% 1. Likelihood project will spur other projects that will not require further subsidy. a. Increases the ability to further develop a healthy and accessible community b. the center for further business development c. Increases likelihood of job growth in a growing industry Page 4 of 6