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<br />City of Arden Hills Public Financing Policy Page 3 of 7 <br />April 29, 2013 <br /> <br /> <br />as appropriate, to assist private development projects when such assistance <br />complies with all applicable statutory requirements to: <br /> <br />1. Remove blight and/or encourage redevelopment in designated <br />redevelopment/development area(s) per the goals and visions established by <br />the City Council <br /> <br />2. To achieve the following housing-related goals: <br /> <br />a. To provide a balanced and sustainable housing stock to meet diverse <br />needs both today and in the future <br /> <br />b. To ensure all housing is safe and well-maintained <br /> <br />c. To promote neighborhood stabilization and revitalization by the removal <br />of blight and the upgrading of existing housing stock. <br /> <br />3. To retain local jobs and/or increase the number and diversity of quality jobs <br /> <br />4. To encourage additional unsubsidized private development in the area, either <br />directly or through secondary “spin-off” development. <br /> <br />5. To offset increased costs for redevelopment over and above the costs that a <br />developer would incur in normal urban and suburban development <br />(determined as part of the But-For analysis). <br /> <br />6. To facilitate the development process and to achieve development on sites <br />which could not be developed without this assistance. <br /> <br />7. To meet other uses of public policy, as adopted by the City Council from time <br />to time, including but not limited to promotion of quality urban design, quality <br />architectural design, energy conservation, sustainable building practices, and <br />decreasing the capital and operating costs of local government. <br /> <br />5. PUBLIC FINANCING PRINCIPLES <br /> <br />A. The guidelines and principles set forth in this document pertain to all applications <br />for City public financing regardless of whether they are considered a business <br />subsidy as defined by the Statutes. The following general assumptions of <br />redevelopment shall serve as a guide for City public financing: <br /> <br />1. All viable requests for City public financing assistance shall be reviewed by a <br />third party financial advisor who will inform the City of its findings and <br />recommendations. <br />2. The City shall establish mechanisms within the development agreement to <br />ensure that adequate checks and balances are incorporated in the distribution <br />of financial assistance where feasible and appropriate, including but not <br />limited to: <br />a. Third party review of the “but for” analysis