Laserfiche WebLink
<br />City of Arden Hills Public Financing Policy Page 4 of 7 <br />April 29, 2013 <br /> <br /> <br /> <br />b. Establishment of “look back provisions” <br /> <br /> <br />c. Establishment of minimum assessment agreements <br /> <br />3. TIF and abatement will be provided on a pay-as-you -go-basis. Any request <br />for upfront assistance will be evaluated on its own merits and may require <br />security to cover any risks assumed by the City. <br /> <br />4. The City will elect the fiscal disparities to come from inside applicable TIF <br />district(s) to eliminate any impact to the existing tax payers of the community. <br /> <br />5. The City will target up to the maximum allowed by State Statute of tax <br />increment for administrative purposes only. <br /> <br />6. The developer shall proactively attempt to minimize the amount of public <br />assistance needed through the pursuit of grants, innovative solutions in <br />structuring the deal, and other funding mechanisms. <br /> <br />7. Proposals should not be used to support speculative industrial, commercial, <br />office or housing projects. In general the developer should be able to provide <br />market data, tenant letters of commitment or finance statements which support <br />the market potential/demand for the proposed project. <br /> <br />8. Public financing will not be used in a project that involves an excessive land <br />and/or property price. This will normally be where the acquisition price is <br />more than 20% in excess of market value as determined by an independent <br />appraisal of the property (exclusive of relocation benefits). The City shall <br />commission an appraisal and the cost will be paid from Developer’s escrow. <br /> <br />9. Public financing will not be used in projects that would give a significant <br />competitive financial advantage over similar projects in the area due to the use <br />of public subsidies. Developers should provide information to support that <br />assistance will not create such a competitive advantage. Priority consideration <br />will be given to projects that fill an unmet market need. <br /> <br />10. TIF and Abatement will not be utilized for the construction of new rental <br />housing units. The City will consider waivers of various City fees for new <br />rental housing developments (building permit fees excluded). <br /> <br />11. Public financing will not be used for projects that would generate significant <br />environmental problems in the opinion of the local, state, or federal <br />governments. Priority will be given to projects that aim to clean-up existing <br />contaminated sites and would facilitate the location of an industry or business <br />that has an environmentally-sound track record, or that meets a housing need <br />in the City. <br /> <br />12. The City will not approve new TIF districts that would cause the percentage <br />of the City’s total tax capacity captured within TIF districts to rise above six <br />percent.