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<br />~ <br />~HILLS <br /> <br />. <br /> <br />"TCAAP PUBLIC FINANCING POLICY" <br /> <br />General Policy <br />The purpose of this poliey is to establish the City of Arden Hills position relating to the use of <br />public financing, specifically for the Twin Cities Army Ammunition Plant (TCAAP) <br />development. This policy is to be used as a guide in processing and reviewing applications <br />requesting public finaneing, which is defmed as any publicly generated source of project revenue <br />assisting in making the TCAAP project economically viable. It is assumed that the principle <br />form of public financing will be the use of tax increment as established by State law, based on <br />this aforementioned assumption, several sections of this policy deals with the structure of <br />reviewing tax increment requests. In all cases, the fundamental purpose of public financing for <br />the TCAAP project is to encourage redevelopment that would not otherwise occur without <br />assistance. This policy statement also addresses separately the issues associated with the City <br />providing local governmental services to the TCAAP project and the need for these operational <br />costs not to become a burden to the existing taxpayers. <br /> <br />. <br /> <br />City's Obiective for the Use of Public Financin!! <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 projects to <br />achieve one or more of the following purposes: <br /> <br />I. Remove blight and/or encourage redevelopment in the TCAAP area per the goals and <br />visions established by the City Council <br /> <br />2. To achieve the following housing-related goal: <br /> <br />a. To provide a balanced and sustainable housing stock to meet diverse needs both <br />today and in the future. . <br /> <br />Page 1 of9 <br />\\Earth\Admin\Connnittees\Economic Development Comrnission\Tax Increment Financing Policy - Copy with <br />Council and EDC Strikeouts and Bold Text.doc <br />