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Memo <br /> To: Patrick Klaers <br /> From: Stacie Kvilvang <br /> Date: August 16, 2012 <br /> Subject: Tax Increment Policy <br /> To begin the process of updating the City's TIF policy and application, we need to <br /> determine priorities of the City Council on what projects they want to provide assistance to <br /> and what criteria, if any, should be taken into consideration. <br /> Basic assumptions that have been made that would be included in the policy are: <br /> 1. Developer has provided a development proforma that shows the gap (but for test) and <br /> the gap has been verified by financial advisor <br /> 2. Development will conform to all city zoning, comprehensive plan and planning <br /> requirements <br /> 3. All projects will meet design standards <br /> 4. Developer has past development/redevelopment projects of similar type/scope and <br /> the financial ability to complete the project <br /> 5. Any TIF or abatement assistance is in the form of Pay-As-You-Go <br /> 6. Assistance will only be provided to projects that provide the highest and best use of <br /> the property <br /> 7. In TIF districts, Fiscal Disparities will be paid within the TIF district (no impact on other <br /> property owners) <br /> 8. All developers will pay applicable application fees and pay for fiscal and legal advisor <br /> time <br /> 9. No assistance will be given for overpayment of land <br /> 10. Just because an applicant meets any and/or all criteria doesn't mean assistance will <br /> be granted <br /> Any of the above referenced basic assumptions can be changed, deleted and/or others <br /> added. <br /> www.ehlers-inc,com <br /> Old —- - --- - <br /> E H L E RS Minnesota phone 651-697-8500 3060 Centre Pointe Drive <br /> ` LEADERS IN PUBLIC FINANCE Offices also in Wisconsin and Illinois fax 651-697-8555 Roseville, MN 55113-1122 <br /> toil free 800-552-1171 <br />