Resolution No. EDA 02-01 - Laserfiche WebLink

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Exhibit A • 1. Balancing public, residential, commercial and industrial land uses. 2. Increasing tax base values through rehabilitation and redevelopment. 3. Returning vacant land, exempt or under-used land to productive, taxable uses. IV. General Business Subsidy Evaluation Criteria A. All business subsidies granted by the Economic Development Authority shall require compliance with the requirements of the Act and this policy. At its discretion, the Economic Development Authority may waive the requirements of this policy for those subsidies that are statutorily exempted from the requirements of the Act. Statutory exemptions of the Act are outlined in Appendix 1. B. All projects must be consistent with the Arden Hills Comprehensive Plan and any other similar plan or guide for development of the community. C. Business subsidies must be justified by evidence that the project cannot proceed without the benefit of the subsidy. If tax increment financing (TIF) is used to grant a subsidy, the grantee must demonstrate compliance with all statutory requirements of the TIF Act, including the "but for"test, and any TIF policy adopted by the Economic Development Authority. The grantee shall provide to the EDA all documentation necessary under the Act. • D. Grantees will be required to enter into an agreement with the EDA which is consistent with statutory requirements, including a commitment to remain in business at the site for a minimum of five years after the benefit date and compliance with the specific job and wage goals established for the project. E. While it is recognized that the creation of good paying jobs is a desirable goal, it must also be recognized that not all projects derive their public purposes and importance solely by job creation. The imposition of high job creation and wage requirements may be unrealistic and counterproductive in the context of larger economic forces and financial and competitive circumstances of an individual business. V. Specific Business Subsidy Criteria The EDA recognizes that every proposal is unique. Nothing in these criteria shall be deemed to be an entitlement or shall establish a contractual right to a subsidy. The EDA reserves the right to modify these criteria from time to time and to evaluate each project as a whole. The following criteria shall be used in evaluating a request for a business subsidy: A. Increase in tax base. While an increase in the tax base cannot be the sole grounds for granting a subsidy, the EDA believes that it is normally necessary to grant a • subsidy.