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08-15-07
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08-15-07
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AR�EN HILLS <br /> BUSINESS SUBSIDY PUBLIC FINANCING POLICY <br /> 1. General Policy <br /> The purpose of this policy is to establish the City of Arden Hills position and goals <br /> relating to the use of public financing for private redevelopment and development <br /> projects within the City. This policy is to be used as a guide in processing and reviewing <br /> applications requesting public financing, which is defined as any publicly generated <br /> a <br /> source of project revenue assisting in making a project economically viable. It is assumed <br /> that the principle form of public financing will be the use of tax increment as established <br /> by State law,based on this aforementioned assumption,several sections of this policy <br /> deals with the structure of reviewing tax increment requests. In all cases, the fundamental <br /> purpose of public financing is to Qw�4ge redevelopment that would not otherwise <br /> occur without assistance. <br /> 2. City's Obiective for the Use of Public Financing � - <br /> As a matter of adopted policy, the City of Arden Hilroassist <br /> ay consider using Tax Increment <br /> Financing(TIF) and other forms of public financing private development <br /> projects to achieve one or more of the following purposes: <br /> A. Remove blight and/or encourage redevelopment in designated <br /> redevelopment/development areas per the goals and visions established by the <br /> City Council <br /> B. To achieve the following housing-related goals: <br /> I. To provide a balanced and sustainable housing stock to meet <br /> diverse needs both today and in the future. <br /> 2. To ensure all housing is safe and well-maintained <br /> 3. To promote neighborhood stabilization and revitalization by the <br /> removal of blight and the upgrading of existing housing stock <br /> C. To retain local jobs and/or increase the number and diversity of quality jobs <br /> Pagel of 8 <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\Business Subsidy Public <br /> Financing Policy-Draft 7-30-07.doc <br />
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