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EN HILLS <br /> "TCAAP PUBLIC FINANCING POLICY" <br /> 1. General Policy <br /> The purpose of this policy is to establish the City of Arden Hills position relating to the <br /> use of public financing, specifically for the Twin Cities Army Ammunition Plant <br /> (TCAAP) development. 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 /> source of project revenue assisting in making the TCAAP project economically viable. It <br /> is assumed that the principle form of public financing will be the use of tax increment as <br /> established by State law, based on this aforementioned assumption, several sections of <br /> this policy deals with the structure of reviewing tax increment requests. In all cases, the <br /> fundamental purpose of public financing for the TCAAP project is to encourage <br /> redevelopment that would not otherwise occur without assistance. This policy statement <br /> • also addresses separately the issues associated with the City providing local <br /> governmental services to the TCAAP project and the need for these operational costs not <br /> to become a burden to the existing taxpayers. <br /> 2. City's Obiective for the Use of Public Financing <br /> As a matter of adopted policy, the City of Arden Hills will consider using Tax Increment <br /> Financing(TIF) and other forms of public financing to assist private development <br /> projects to achieve one or more of the following purposes: <br /> A. Remove blight and/or encourage redevelopment in the TCAAP area per the goals <br /> and visions established by the City Council <br /> B. To achieve the following housing-related goal: <br /> 1. To provide a balanced and sustainable housing stock to meet diverse needs <br /> both today and in the future. <br /> C. To retain local jobs and/or increase the number and diversity of quality jobs <br /> Page 1 of 8 <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\TCAAP Public Financing <br /> Policy-Final.doc <br />