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<br />CITY OF CENTERVILLE <br /> <br />Tax Increment Policy <br /> <br />1. PURPOSE <br /> <br />1.01 The purpose of this policy is to establish the Citys' position as relates to the use of Tax Increment <br />Financing for private development. This policy shall be used as a guide in processing and reviewing <br />applications requesting Tax Increment assistance. <br /> <br />1.02 The City shall have the option of amending or waiving sections of this policy when determined necessary <br />or appropriate. <br /> <br />2. STATUTORY LIMITATIONS <br /> <br />2.01 In accordance with the Tax Increment Policy, TIF requests must comply with applicable State Statutes. <br />The City of Centerville is governed by the limitations established in Minnesota Statutes 469.174, the <br />Minnesota Tax Increment Financing Act for all districts created after August 1, 1979. <br /> <br />3. ELIGIBLE USES FOR THE USE OF TAX INCREMENT FINANCING <br /> <br />3.01 As a matter of adopted policy, the City ofCenterville will consider using Tax Increment Financing (TIF) <br />to assist private developments only in those circumstances in which the proposed private projects meet <br />one or more of the following uses: <br /> <br />A. To redevelop blighted or under-utilized areas of the community. <br /> <br />B. To meet the following housing-related uses: <br /> <br />1. To provide a diversity of housing adjacent to the downtown area. <br /> <br />2. To provide a variety of housing ownership alternatives and housing choices. <br /> <br />3. To promote affordable housing for low or moderate income individuals. <br /> <br />4. To promote neighborhood stabilization and revitalization by the removal of blight and the <br />upgrading in existing housing stock in residential areas. <br /> <br />C. To remove blight and encourage redevelopment in the commercial and industrial areas of the City <br />in order to encourage high levels of property maintenance and private reinvestment in those areas. <br /> <br />D. To increase the tax base of the City in order to ensure the long-term ability of the City to provide <br />adequate services for it's residents while lessening the reliance on residential property tax. <br /> <br />E. To retain local jobs, increase the local job base, and provide diversity in that job base. <br /> <br />F. To increase the local business and industrial market potential of the City of Centerville. <br /> <br />G. To provide adequate short term business and shopper parking, and resident parking. <br /> <br />H. To encourage additional unsubsidized private development in the area, either directly, or through <br />