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HomeMy WebLinkAbout2026-10-21 EDA Packet CITY OF CENTERVILLE ECONOMIC DEVELOPMENT AUTHORITY ЋΑǣ WORK SESSION MEETING AGENDA Wednesday October 21, 2026 5:30 p.m. City Hall, 1880 Main Street WORK SESSION I.CALL TO ORDER II.DISCUSSION ITEMS 1.EDA Strategic Plan & Business Subsidy Policy III.ADJOURNMENT INFORMATIONAL MATERIALS 1.2026-2028 Council Goals (Draft) 2.New Downtown Vision 1 CITY OF CENTERVILLE REQUEST FOR ACTION Agenda Item # Department: RequestedMeetingDate: October 21, 2026 EDA II.1 TITLE OF ISSUE: EDA Strategic Plan BACKGROUND AND SUPPLEMENTAL INFORMATION: The City Council has completed their 2026-2028 Goals, and there a a couple of items for the EDA to complete. The council would like the EDA to prepare an updated Economic Development Strategic Plan and a Business Subsidy policy. The EDA's previous strategic plan is included in the packet for the Board's review examples of business subsidy policies from other other communities. The city's goals and a revised downtown vision for the city are also included in the packet to provide additional context for the EDA's discussion. COST AND SOURCE(S) OF FUNDING: N/A REQUACTION: Discussion For ClerkÓs Use: SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ Vote Record: Aye Nay Other (specify) _______________________________________________________________ Administration Department Use: Refer to: _________________________________ Consent Tabled Until: ______________________________ Regular Other: ___________________________________ 2 CITY OF CENTERVILLE 2024 EDA STRATEGIC PLAN 3 ECONOMIC DEVELOPMENT AUTHORITY Guiding Principles We are facilitators of economic growth and stability We embrace our rich and diverse points of view We are all on the same team, working for the benefit of the city Scope Authority to promote and sustain economic development, redevelopment. EDA mission Provide assistance to our local businesses or businesses locating to the city of Centerville that will encourage investment in the community to enhance the lives of our citizens. 4 2024 STRATEGIC PLAN GOALS Guide Redevelopment Spur New Development Increase Business Engagement Market & Promote our City Placemaking Business Retention & Expansion 5 GUIDE REDEVELOPMENT Leverage Revitalization Grants Ï Aim for One Promote Rev. Loan & Grant Programs Ï Aim to Secure 3 Develop Business Policy Incentives Ï For Review by CC Infrast. Invest: Streetscaping, Public Parking, etc. Ï Budget$ Source: 2006 Map from Centerville Comprehensive Plan The map shown above is for illustration purposes only and does not in any way suggest that downtown Centerville will develop as imagined in the illustration above. 6 SPUR NEW DEVELOPMENT Intentional Outreach to Desired Businesses Ï Work with Realtor to reach out to 3-5 new businesses Engage with Vacant Property Owners & Real Estate Agents Ï Request that realtor contact 3-7 prospects/interest in incubator Assist with Market Studies Ï As Needed Promote Shovel-readiness Ï Dedicate resources toward 1-2 sites 7 INCREASE BUSINESS ENGAGEMENT Business AppreciationShop Local CampaignOutreach ¤Annual Awards Ceremony Ï Sec. 5-10 ¤Holiday Markets Ï Sponsor or Businessesparticipate in one. ¤BRE Visits 12-20in 2024 ¤Sponsorship Recognition Ï Sec 1-3 ¤Encourage Incentives for Shopping ¤Continue Business-Centered Email Raffle Sponsors Local & Using Mobile App Ï Partner Blasts Ï 2-4 month with 2-3 businesses to offer discounts? ¤Continue to Strengthen Partnerships Ï ¤Promote City Mobile App Ï6 social Quad, HBA, ACRED media pushes ¤Encourage Discounts for Veterans Ï see above ¤Ground Breakings, Ribbon Cuttings Ï ¤Highlight Fete des Lacs Opportunities P ost event follow-up on all events Ï Annual distribution of swag bags & enhanced marketing flyer along with surveys on business engagement 8 MARKET & PROMOTE OUR CITY Establish Prominent Website & Social Media Presence: expand business directory, property listings, etc. --Promote vacant listings/rental listings on website. Create/Revise Marketing Materials: brochures highlighting community assets and city-owned properties; EDA packet for potential businesses, Increase Participation in CenterStage and Blue Logo Sign ProgramsÏ Hire consultant to create marketing piece(s) to promote programs. Continue to Strengthen Relationships with Agency Partners: DEED, HBA, Quad Area Chamber, and ACRED Continue Investments in Main Street Beautification and Promotional Items ÏIncrease budget by X amount for off-holiday season beautification efforts & Swag. 9 PLACEMAKING EXAMPLES & PROCESS Placemaking Ï 2-6 Surveys to glean what residents want to see in the community 10 BUSINESS RETENTION AND EXPANSION Blue Logo Ï Aim to secure more program participation Center Stage Ï Evaluate participation & determine if restructuring is needed Revolving Loan & Grant FaŒade Ï Distribute flyer and promote via social media 4-6 times year and to new businesses BRE Visits Ï 12-20 in 2024 11 2026-2028COUNCIL GOALS Goal 1. Organizational Resilience Definition- Strengthen the cityÓs ability to adapt to and recover from change while planning responsibly and sustaining operations. Objectives: Establish Standard Operating Procedures for Core Functions Crosstrain Staff to Ensure Consistent Delivery of Services Strengthen Partnerships with Neighboring Communities and agencies to ensure continuity of operations. Update City Code to Ensure Consistency Review Internal Policies and Procedures Goal 2. Î Fiscal Sustainability Definition: Maintain long-term fiscal stability through responsible financial planning, budgeting, and revenue generation. Objectives: Explore Alternative Revenue Generating Income Opportunities Review the CityÓs Financial Management Plan Annually and Update Based on Changes to the Annual Budget and Capital Improvement Plan Evaluate the Capital Improvement Plan Annually to Review Project Scope, Timeline, and Estimated Costs Increase Communication About How Taxpayer Dollars Are Spent Establish Economic Development Strategic Plan and Business Subsidy Policy. Goal 3. - City Infrastructure (software equipment, underground infrastructure, parks, transportation, water, sewer, stormwater) Definition: Deliver critical water, sewer, and stormwater services effectively and efficiently to ensure community resilience and emergency preparedness. 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STRATEGICGOALIECONOMICDEVELOPMENT Developstrategies,programs,initiatives,andactivitiestoimprovetheeconomicwellbeingoftheCityof Centerville,businessrelationshipsandthequalityoflifeforCentervilleresidents. uif!FEB-!jodmvejoh!buusbdujoh!boe!hvjejoh!Uijt!tuvez!bobmz{ft!uif!nbslfu!qpufoujbm!gps!nbjo!hpbmt;!fdpopnjd!efwfmpqnfou-! tƩźƚƩźƷǤЊΑwĻǝźĻǞCǒƓķğƒĻƓƷğƌ9ƌĻƒĻƓƷƭƚŅƷŷĻ/ƚƒƦƩĻŷĻƓƭźǝĻ\[ğƓķ ƭĻtƌğƓǞŷźĭŷŭǒźķĻƷŷĻƌƚƓŭterm visionfordevelopmentandredevelopment. 1.Workwithconsultantstoputtogetheraprojection(visualandwritten)offuturediversehousingdevelopment optionsatvariouscitypopulationlevelsbasedondensity;includeinanalysis: efwfmpqnfou-!boe!qmbdfnbljoh/!sfefwfmpqnfou!jo!Epxoupxo!Dfoufswjmmf/!pshboj{bujpobm!sftjmjfodf-!boe!dpnnvojuz! DevelopcommunityengagementstrategyforreviewofDowntownMasterPlanandComprehensive Plan Market Analysis for PrepareandadoptrevisedDowntownMasterPlanandComprehensivePlan Prosandconsofpopulationreaching5,000forbusinesses,cityfinances,andinfrastructure(Public Ju!jefouj”ft!sftjefoujbm!boe!dpnnfsdjbm!cvjmejoh/ Redevelopment in Works,PublicSafety,LegalServices,Engineering,watertower,wellandseweretc.)andincludecity staffingneededforexpandedservices. Downtown Centerville 2.DevelopamatrixofCentervillepropertythatisavailablefordevelopmentandredevelopmentforthepurpose Sfmfwbodz!up!Epxoupxo ofgainingCityCouncildirectiononnegotiationparametersforeachproperty. sfefwfmpqnfou!xjui!qpufoujbm!gps!tvddfttgvm/! CompletethesaleanddevelopmentofthelandownedbytheCityofCentervilleat1737MainStreet. CompleteredevelopmentofvacantlandownedbytheCityofCenterville(Block7)byclosingonthesale andcompletingtownhomedevelopmentproject. Centerville, Minnesota Draftdeveloperincentiveguidelines(TIF,Fees,Abatement,etc.)andeducatecommissionsandcity Sfmfwbodz!up!Epxoupxo Tijgujoh!uif!gpdvt!pg!Epxoupxo! councilandthepublic. tƩźƚƩźƷǤЋΑ5ĻǝĻƌƚƦğƷƚƚƌƉźƷƚŅĬǒƭźƓĻƭƭźƓźƷźğƷźǝĻƭƷƚƩĻĭƩǒźƷͲƩĻƷğźƓğƓķƭƷƩĻƓŭƷŷĻƓĭƚƒƒǒƓźƷǤĬǒƭźƓĻƭƭĻƭ͵ Prepared for the Sfmfwbodz!up!Epxoupxo efwfmpqnfou!upxbse!xbufsgspou!bdujwjuz Tfmm!boe!efwfmpq!uif!djuz!qspqfsujft!bu! 1.Developbusinessrecruitmentplans. City of Centerville Proactivelyidentifybusinessesneededintown(pharmacy,grocery,library,clinic,hotel,etc.)andmarket Economic Development Authority availablelandtothesebusinesses. CITY OF CENTERVILLE Promotenearbybusinesses(likeRunningAces),todrawnewbusinessestoCenterville. Promoteavailablesitesatrealestatesummitsandotherpremiermarketingevents. 2848!Nbjo!Tusffu-!boe!Cmpdl!8/ Nbyjnj{f!bddftt!boe!wjfxt!up! 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PURPOSE AND NEED FOR POLICY This policy provides the criteria that all business assistance shall be evaluated against. The criteria included in this policy applies to all potential business assistance recipients. In addition to this policy, all business assistance will be subject to the requirements of Minnesota (MN) Statutes. II. POLICY A. All business assistance shall be subject to the requirements of MN Statutes governing business assistance and every application shall be evaluated according to the criteria included in this Development Tools Policy, which shall apply to all potential recipients. Wherever the term business assistance is used in this policy, its definition shall be that as defined as business subsidy in MN Statutes. B. All business assistance must meet a public purpose, which may include, but not be limited to, increasing the tax base. The City of Burnsville (City) and Burnsville Economic Development Authority (Authority) shall consider various public purposes including but not limited to creation or retention of jobs, elimination of blight, neighborhood revitalization, and other development and redevelopment goals established by the City. C. Except as described in D and E, business assistance must result in wage increase or the creation or retention of jobs, which will pay at least 150-percent of the federally imposed minimum hourly wage, exclusive of benefits, with the wage goals specifically set forth in the business assistance agreement. The wage goals will be determined as a weighted average on new jobs created as defined in the City of Burnsville Fundability Guidelines for Financial Assistance Form. D. Wage increase or job creation or retention is not required for businesses assistance as long as the grantor identifies an alternate public purpose in addition to tax base increase. If after a public hearing, the increase in wages or creation or retention of jobs is determined not to be a goal, the wage and job goals may be set at zero. E. In lieu of job creation or retention, other measurable, specific, and tangible goals shall be established. Examples of tangible goals may include redevelopment, or pollution or soil remediation. F. If wage increase or job creation or retention is identified as the public purpose, goals must be established for wage increase or the number of jobs created; in cases where job loss is specific and demonstrable, goals must be established for number of jobs retained. As set forth in the business assistance agreement, wage 37 https://burnsville.civicweb.net/document/6023/1/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 increase or job creation or retention (based on wage floor set forth in the agreement) shall be attained within two years of the benefit date. G. The Authority, as authorized by the City, shall hold a public hearing after notice is published in the local newspaper, for all requests for business assistance of $100,000 or more. The Authority must hold a public hearing for any assistance under $100,000 that do not include job and wage goals. H. The business assistance agreement must stipulate that the recipient will continue operations at the site where the assistance is used for at least five years after the benefit date. I. Any development agreement or contract for public assistance as defined in MN Statutes shall contain, at a minimum, the following provisions: 1. Description of the assistance including the amount and type of assistance 2. Identification of the specific tax increment financing district, if tax increment financing assistance is to be provided 3. Statement of public purposes for the assistance in addition to tax base increase 4. Identification of measurable, specific, and tangible goals for the assistance 5. Description of the financial obligation of the recipient if the goals are not met 6. Statement of why the assistance is needed 7. Statement of commitment to continue operations for at least five years in the jurisdiction where the assistance is used - the five year commitment may be waived if the grantor, after a public hearing, approves the recipient's request to move 8. Identification of the name and address of the parent corporation of the recipient 9. Identification of all financial assistance by all grantors for the project; and reporting requirements 10. Identification of specific wage floor for the wages to be paid, if job creation or retention is a goal, of at least the minimum set forth in Item C of this policy, and for at least two years after the benefit date or until the goals are met, whichever is later J. When granting business assistance, the City or the Authority may deviate from the criteria in this Policy by documenting in writing the reason for the deviation and filing that explanation with the Department of Employment and Economic Development along with the grantorÓs next annual report on business subsidies. The City or the Authority will not approve a deviation from these criteria unless the applicant provides a written request describing why the deviation is needed to permit the proposed project to proceed, and the grantor determines in its sole discretion that such deviation is reasonable and necessary. K. Each business assistance agreement will require a recipient failing to meet the specified goals by the specified date to pay back the assistance plus interest, or at the request of the City or the Authority, to the account created under MN Statutes, Section 38 https://burnsville.civicweb.net/document/6023/2/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 116J.551. Any repayment shall be prorated to reflect partial fulfillment of goals. The interest rate shall be set at no less than the implicit deflator as defined by MN Statutes, Section 116J.994, Subdivision 6. The City or the Authority may after a public hearing, extend the period for meeting job and wage goals for up to one year. The City or the Authority may extend the period for meeting any other goals for any period specified by the City or the Authority, by documenting in writing the reason for the extension and filing that explanation with the Department of Employment and Economic Development along with the grantorÓs next annual report on business subsidies. L. The City and the Authority reserve the right to modify this Policy, from time to time in accordance with MN Statutes. M. The following supplemental policies are attached hereto and made part of the Development Tools Policy: - Attachment 1: Tax Increment Financing Policy (Policy No. 1.137) - Attachment 2: Tax Abatement Policy (Policy No. 1.138) III. PROCEDURE To the extent that a business assistance request requires tax increment financing, it must meet this Development Tools Policy and the Tax Increment Financing Policy. To the extent that a business assistance request requires tax abatement assistance, it must meet this Development Tools Policy and the Tax Abatement Policy. Any other business subsidy must meet this Development Tools Policy. IV. RESPONSIBILITY AND AUTHORITY The responsibility and authority for the City and the Authority to adopt a Development Tools Policy is established by MN Statutes 116J.993-995, which sets requirements for subsidies allocated to businesses by state or local government agencies. Administrative implementation of this policy shall be the responsibility of the City Manager. Submitted by: Skip Nienhaus Date: January 16, 2018 Reviewed by: Jenni Faulkner Date: January 16, 2018 This policy replaces the policy adopted by City Council Resolution No. 5182 on July 21, 2003, amended May 1, 2006 and April 7, 2008. This policy replaces the policy adopted by Economic Development Authority Resolution No. 03-3 on July 21, 2003. This policy replaced the policy adopted by the City Council and Economic Development Authority on December 16, 2008. ATTACHMENT 1 Policy No. 1.137 TAX INCREMENT FINANCE POLICY I. PURPOSE AND NEED FOR POLICY 39 https://burnsville.civicweb.net/document/6023/3/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 This policy is to serve as a guideline for the use of tax increment financing (TIF) within all previously adopted and current TIF Districts as well as the creation of new tax increment districts. II. POLICY General Policy Background The City of Burnsville (City) and Burnsville Economic Development Authority (Authority) recognize that local government plays a critical role in enhancing the vitality of our community. This is particularly true as the city reaches full development. All reasonable means shall be utilized to leverage private business development and redevelopment in the city consistent with this and other policies. Tax increment financing is an important and useful tool in attracting and retaining businesses. The fundamental principle that makes tax increment financing viable is that it is designed to encourage development that would not otherwise occur. The Authority, as authorized by the City, shall be responsible to determine that (1) a project would not occur Ðbut forÑ the assistance provided through tax increment financing; and (2) no other development would occur on the relevant site without tax increment assistance, that could create a larger market value increase than the increase expected from the proposed development (after adjusting for the value of the tax increment). The Authority shall consider tax increment financing in cases that serve to accomplish targeted city goals for development and redevelopment as they may change over time. These goals include, but are not limited to projects that will (1) foster and support redevelopment; (2) result in the creation or retention of a significant number of jobs that pay wages adequate to support households; or (3) projects that will assist with the retention and expansion of businesses, and projects that will expand the cityÓs tax base. Creation of Tax Increment Financing (TIF) Districts The Authority shall consider the creation of any of the general types of TIF Districts allowed by MN Statutes or the creation of other types of TIF Districts allowed by Special Legislation, when doing so is consistent with the development and redevelopment goals of the City. TIF Districts are the specific parcels within a Project Area from which tax increment is captured. MN Statutes currently defines five general types of TIF Districts, which the Authority shall consider: 1) Redevelopment District 2) Renewal and Renovation District 3) Soils Condition District 4) Housing District 5) Economic Development District In addition to these five general types of TIF Districts, defined by MN Statutes, the Authority may also consider the creation of TIF Districts as authorized by applicable special tax increment financing legislation. Tax increment financing is a business subsidy under MN Statutes and is governed by strict legal requirements. Therefore, the City and the Authority 40 https://burnsville.civicweb.net/document/6023/4/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 shall maintain current Business Subsidy Policies, as required by MN Statutes. As granted by the City Council, the Authority shall have control and authority over the creation and operation of TIF Districts for the City. The Authority shall consider the creation of a TIF District based on qualifications and term restrictions, as defined in MN Statutes. The Authority shall consider a range of attributes including but not limited to the following: Projects consistent with development and redevelopment goals of the city Development of office, office/corporate headquarters, office/service/warehouse and manufacturing Maximized use of other financial resources Projects that provide funding for appropriate public improvements that may benefit numerous development projects Low percentage of public investment; high percentage of private investment Analysis of detailed business pro forma with reasonable timeline for completion and occupancy Project has potential to enhance spin-off development and redevelopment Exceeds minimum design standards per Ordinance Presents minimal risk to the City of Burnsville Maximizes increased tax base and contributes to higher market values Number of jobs and pay level of positions will be a consideration but not a requirement if other appropriate public purpose(s) is met Redevelopment of aging retail strip center Installation of fiber to the premise Analysis of Request for Financial Assistance Form (Attachment A) Available Funding for Private Development within a Current TIF District Applications for tax increment financing for a project within a current TIF Districts shall be considered for approval provided the current TIF District is generating sufficient tax increment revenue to retire bonds supported by tax increment revenue within the TIF District. Costs Eligible for Tax Increment Financing Assistance The Authority shall consider the use of tax increment financing to cover project costs as allowed for under MN Statutes. The types of project costs that are eligible for tax increment financing are as follows: Utilities designSite related permits Earthwork/excavationSoils correction Architectural and engineering feesUtilities (sanitary sewer, storm sewer, directly attributable to site workand water, fiber to the premise) LandscapingStreet/parking lot paving Streets and roadsCurb and gutter Street/parking lot lightingLand acquisition 41 https://burnsville.civicweb.net/document/6023/5/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 SidewalksLegal (acquisition, financing, and closing fees) Special assessmentsSurveys Soils test and environmental studiesSewer Access Charges (SAC) and Water Access Charges (WAC) Title insuranceTIF application deposit Landscape design This list of eligible costs is subject to acceptance by the Authority and changes in MN Statutes. Determination of Amount of Assistance Whether in a new or existing TIF District, the amount of tax increment financing provided to an applicant shall be based on a review of the following: Request for Financial Assistance Form (Attachment A) Review of Applicants Pro Forma Amount of Increment Generated by the Project Fundability Guidelines for Financial Assistance Form (Attachment C) Depending on the public purpose to be met the Fundability Guidelines for Financial Assistance Form may weigh more or less in the review of the application. The level of assistance shall be evaluated on a case-by-case basis and may reflect an increase or decrease in requested financial assistance. When considering a request for tax increment financing for a project, there shall be consideration of the level of financial assistance provided for other previously approved projects in the TIF District or Project Area. Forms of Assistance Tax increment financing shall generally be provided on a Ðpay-as-you-goÑ basis wherein the Authority compensates the applicant for a predetermined amount for a stated number of years. The Authority shall have the option to issue a TIF Note with or without interest, where the principal amount of the TIF Note is equal to the amount of eligible project costs incurred and proven by the developer. In all cases, semi-annual TIF payments shall be based on available increment generated from the project. TIF payments shall be made after collection of property taxes. Another form of assistance that shall be considered only in extraordinary circumstances is an Ðup-front paymentÑ to the applicant. This may be in the form of a revenue or general obligation bond or an internal loan. (The City would consider revenue bond financing where the terms of the financing are satisfactory to the Authority and City.) The tax increment generated from the applicantÓs project is a source of revenue for repayment of the bonds or loan. This form of assistance is not one the Authority or City will generally consider because under this form of assistance the taxpayers assume the risk that the tax increment will be sufficient for repayment of the bonds or interfund loan. Other Policy Issues 42 https://burnsville.civicweb.net/document/6023/6/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 1. Fiscal Disparities TIF Districts shall not be exempt from the contribution of fiscal disparities. The percentage of revenues required from the project within the TIF District shall be the responsibility of properties within the district unless there is a compelling economic development reason for the City and the Authority to exempt a property or properties within a TIF District from the contribution of fiscal disparities. Any exemption to this policy will be considered on a case by case basis. An exemption may not be possible if MN Statutes requires that fiscal disparities be paid from within a TIF District, as is the case with Economic Development Districts. 2. School District Funding Annual requests from Independent School District 191 to release excess tax collections from TIF Districts 1 and 2 (Southcross) resulting from the application of school district referenda tax rates to the captured value in TIF Districts shall be evaluated on a case by case basis. It shall be the general policy of the City and the Authority to honor these requests provided there is sufficient positive cash flow in the Authority reserve fund (that is applicable) in excess of those amounts necessary to meet development contractual obligations within the various TIF Districts and Project Area. III. PROCEDURES The Authority will require a fee per city fee schedule from the applicant to investigate the feasibility of providing assistance to the applicant. If the Authority incurs additional expense beyond the fee prior to execution of the DeveloperÓs Agreement, the Authority shall notify the applicant in writing and the applicant must deposit additional funds for work on the application to continue. If the project is approved and the applicant proceeds with the project, the applicantÓs deposit may be reimbursed as an eligible project cost to the extent permissible under MN Statutes. In addition to the fee, the applicant must submit the following forms and documentation at time of application for the application to be complete and review of the application to begin: 1. Request for Tax Increment Financing Form (Attachment A) 2. Project Pro Forma Documentation (Developed by Applicant) 3. Fundability Guidelines for Financial Assistance Form (Attachment B) As required by MN Statutes, the City Council must be the governing body to hold the public hearing and make the findings of fact for creation of a TIF District. IV. APPENDICES The City and the Authority shall add Appendices to this Policy to provide targeted policy guidance concerning the creation of future TIF Districts for a targeted development or redevelopment purpose. An Appendix shall be added, modified, or deleted from time to time based on actions of the City and the Authority. A. Redevelopment of Aging Strip Centers 43 https://burnsville.civicweb.net/document/6023/7/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 V. ATTACHMENTS: FORMS The following forms are referenced in this policy and are included as attachments to this policy. A. Request for Tax Increment Financing Form B. Fundability Guidelines for Financial Assistance Form VI. RESPONSIBILITY AND AUTHORITY MN Statutes, Section 469.174 through 469.179 (Tax Increment Finance Act), as amended authorizes local governments to utilize Tax Increment Financing to assist development and redevelopment of certain parcels within its boundaries. Submitted by: Skip Nienhaus Date: January 16, 2018 Reviewed by: Jenni Faulkner Date: January 16, 2018 This policy replaces the policy adopted by City Council Resolution No. 5182 on July 21, 2003, amended May 1, 2006 and April 7, 2008. This policy replaces the policy adopted by Economic Development Authority Resolution No. 03-3 on July 21, 2003. This policy replaces the policy adopted by the City Council and Economic Development Authority on July 5, 2016 ATTACHMENT 2 Policy Number 1.138 TAX ABATEMENT POLICY I. PURPOSE AND NEED FOR POLICY This policy is to serve as a guideline for the use of tax abatement as a financing tool for projects within the City of Burnsville. II. POLICY General Policy Background The City of Burnsville (City) and Burnsville Economic Development Authority (Authority) recognize that local government plays a critical role in enhancing the vitality of our community. This is particularly true as the city reaches full development. It is the stated goal of the City and the Authority that all reasonable means shall be utilized to leverage private development and redevelopment in the city consistent with the policies described below and the City CouncilÓs Ends and Outcomes. Under Minnesota (MN) Statutes, the City Council is the governing body that must act to approve all tax abatement assistance. It is the policy of the City 44 https://burnsville.civicweb.net/document/6023/8/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 Council, that for most projects, the Authority shall be asked to make recommendation to the City Council regarding tax abatement assistance. The tax abatement tool provides the ability to capture and use all or a portion of the property tax revenues within a defined geographic area. In practice, it is a tax ÐrebateÑ rather than an exemption from paying property taxes. Tax abatement is an important economic development tool that when used appropriately can be useful to accomplish the cityÓs development and redevelopment goals and objectives. Requests for tax abatement must serve to accomplish the cityÓs targeted goals for development and redevelopment. These goals include, but are not limited to projects that will result in the creation or retention of a significant number of jobs that pay wages adequate to support households, projects that will assist with the retention and expansion of businesses, bring technology (fiber to the premise) as part of redevelopment and projects that will expand the cityÓs tax base. Projects must meet the requirements established by the Business Subsidy Policy of the City and the Authority, to the extent it is applicable, in order to receive abatement. Projects Eligible for Tax Abatement Assistance Projects eligible for consideration of property tax abatement include but are not limited to the following: Mixed use projects including new and redevelopment projects Commercial and industrial redevelopment projects Commercial and industrial new developments Residential business properties (with some restrictions as defined in this policy) Tax Abatement Objectives A. A property tax abatement must meet at least one of the following public purposes: 1. Increase or preserve the tax base 2. Provide employment opportunities in the City of Burnsville 3. Provide or help acquire or construct public facilities 4. Help redevelop or renew blighted areas 5. Help provide access to services for residents of Burnsville 6. Finance or provide public infrastructure B. Projects that include fiber to the premise are deemed to be fulfilling an overall objective of the city to have sites with the best technology available. C. The developer/landowner shall be able to demonstrate a market demand for a proposed project. D. Tax abatement shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental impacts. E. Because it is not possible to anticipate every type of project, which may in its context and time present desirable community building, development, or redevelopment goals and objectives, the City of Burnsville retains the right in its discretion to approve 45 https://burnsville.civicweb.net/document/6023/9/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 projects and tax abatements that may vary from the principles and criteria of this policy. Determination of Amount of Assistance Tax abatement assistance available shall generally be limited to the incremental taxes generated on the improvements to the property. The City and the Authority may consider a greater level of financial assistance, up to the maximum allowed under MN Statutes, in limited circumstances. The level of assistance will be evaluated on a case-by-case basis and may reflect an increase or decrease in requested financial assistance from the applicant. The amount of tax abatement assistance provided to an applicant shall be based on a review of the following: Request for Financial Assistance Form (Attachment A) Review of Applicants Pro Forma Amount of Increment (Property Tax Revenue) Generated by the Project Fundability Guidelines for Financial Assistance Form (Attachment C) In any year, the total amount of property taxes abated (citywide) may not exceed (1) ten percent of the - net tax capacity for the taxes payable year to which the abatement applies, or (2) $200,000, whichever is greater, provided that these limitations are imposed by Minnesota Statues Section 469.1813, subd. 8, and if such limitations are increased by any future legislation, the City may approve abatements up to the maximum amount permitted by law at the time the abatement is approved. The limit does not apply to an uncollected abatement from a prior year that is added to the abatement levy. The developer/landowner must adequately demonstrate, to the CityÓs sole satisfaction, an ability to complete the proposed project based on past development experience, general reputation, and credit history, among other factors, including the size and scope of the proposed project. The developer/landowner must provide adequate financial guarantees to ensure completion of the project, including, but not limited to: assessment agreements and letters of credit. Forms of Assistance Tax abatement shall generally be provided on a Ðpay-as-you-goÑ basis wherein the City compensates the applicant for a predetermined amount for stated number of years. In all cases, semi-annual abatement payments are based on available (as approved by agreement) tax revenue from the property and issued to the applicant after payment of property taxes by the applicant. Another form of assistance that shall be considered only in extraordinary circumstances is an Ðup-front paymentÑ to the applicant. This may be in the form of a revenue or general obligation bond or an internal loan. (The City would consider revenue bond financing where the terms of the financing are satisfactory to the City.) The tax abatement generated from the applicantÓs project is a source of revenue for repayment of the bonds or loan. This form of assistance is not one the City will generally consider because under this form of assistance the taxpayers assume the risk that the tax increment will be sufficient for repayment of the bonds or the interfund loan. 46 https://burnsville.civicweb.net/document/6023/10/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 Duration and Restrictions A. The City may grant an abatement for a period no longer than 15 years, except as provided under (B). The City may specify in the abatement resolution a shorter duration. B. The City, when proposing to abate taxes for a parcel, may make a written request to Dakota County or a school district in which a parcel is located to grant an abatement of county or school taxes for the property. If one of the other political subdivisions declines, in writing, to grant an abatement or if 90 days pass after receipt of the request to grant an abatement without a written response from one of the political subdivisions, the duration limit for an abatement for the parcel may be increased to 20 years. C. The City may not enter into a property tax abatement agreement that provides for abatement of taxes on a parcel, if the abatement will occur while the parcel is located in a tax increment financing district. D. Tax Abatement consideration for residential business properties: Tax abatement requests shall be considered for redevelopment of residential business properties or redevelopment of an aging retail strip center that includes a residential component. In no other case shall tax abatement be considered for new residential property (property that does not presently exist). If a request for abatement includes redevelopment of residential property, consideration shall be given to the following: Redevelopment of rental housing that is over 25 years old Mixed use development that includes housing (must be owner occupied) No less than an 80 / 20, Private-Public match for total reinvestment, compared with the total cost of all local tax abatement. (Private sources represent any non-local government source; not including federally approved affordable housing tax credits.) The case made for the overall public purpose/benefit Justification for why the project cannot proceed without public assistance via tax abatement Preserves or enhances the quality, aesthetics and management of workforce/ affordable housing in the community Projects that are approved for abatement by another local taxing jurisdiction (i.e., Dakota County or a local school district) III. PROCEDURE The City shall require a fee per the city fee schedule from the applicant to investigate the feasibility of providing assistance to the applicant. If the City incurs additional expense beyond the fee prior to execution of the DeveloperÓs Agreement, the City shall notify the applicant in writing and the applicant must deposit additional funds for work on the application to continue. If the project is approved and the applicant proceeds with the project, the applicantÓs deposit may be reimbursed to the extent permissible under MN Statutes. In addition to the fee, the applicant must submit the following forms and documentation at time of application for the application to be complete and review of the application to begin: 47 https://burnsville.civicweb.net/document/6023/11/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 1. Request for Financial Assistance Form (Attachment A) 2. Fundability Guidelines for Financial Assistance Form (Attachment B) 3. Project Pro Forma Documentation (Developed by Applicant) For the purposes of underwriting the proposal, the developer must provide any requested market, financial, environmental, or other data requested by the City or its consultants. The City Council must hold a public hearing on the tax abatement, after notice is published in the local newspaper. A resolution shall be adopted that will specify the terms of the abatement. IV. APPENDICES The City and the Authority shall add Appendices to this Policy to provide targeted policy guidance concerning the use of tax abatement assistance for a targeted development or redevelopment purpose. An Appendix shall be added, modified, or deleted from time to time based on actions of the City and the Authority. A. Redevelopment of Aging Strip Centers V. ATTACHMENTS: FORMS The following forms are referenced in this policy and are included as attachments to this policy. A. Request for Financial Assistance Form B. Fundability Guidelines for Financial Assistance Form VI. RESPONSIBILITY AND AUTHORITY MN Statutes, Sections 469.1812 through 469.1815, authorizes a political subdivision to utilize property tax abatement on certain parcels of land within its boundaries. Administrative implementation of this policy shall be the responsibility of the City Manager. Submitted by: Skip Nienhaus Date: January 16, 2018 Reviewed by: Jenni Faulkner Date: January 16, 2018 This policy replaces the policy adopted by City Council Resolution No. 5182 on July 21, 2003, amended May 1, 2006 and April 7, 2008. This policy replaces the policy adopted by Economic Development Authority Resolution No. 03-3 on July 21, 2003. This policy replaces the policy adopted by the City Council and Economic Development Authority on July 5, 2016 APPENDIX A Redevelopment of Aging Retail Strip Centers In 2005, the City completed a Governance Process to consider the CityÓs role in redevelopment of aging retail strip centers. The outcome of the Governance Process was the Council identified some key policy statements to 48 https://burnsville.civicweb.net/document/6023/12/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 guide City involvement in any future redevelopment of an aging retail strip centers. These policy statements are included in this Appendix for reference. I. GENERAL POLICY GUIDELINES Creation of Tax Increment Financing (TIF) Districts The City of Burnsville (City) and Burnsville Economic Development Authority (Authority) shall consider the creation of a TIF District for the purpose of redeveloping an aging retail strip center. Projects eligible for the creation of a TIF District shall have attributes that are consistent with those identified in the Development Tools and Tax Increment Financing Policy. Use of Tax Abatement Financing The City shall consider the abatement of incremental property taxes for the purpose of redeveloping an aging retail strip center. Projects eligible for abatement of incremental property taxes shall have attributes that are consistent with those identified in the Development Tools and Tax Abatement Policy. Land/Lease Acquisition In limited circumstances, the City or the Authority may consider the acquisition of an aging retail strip center property/and or leases for the purpose of redevelopment when an owner approaches the City or the Authority requesting this consideration. This would require a funding source and site- specific plan and/or objective. The acquisition for this purpose shall occur through negotiated terms and not through eminent domain. The City and the Authority shall bring private developers and property owners together to facilitate the consideration of redevelopment of an aging retail strip center when doing so would be consistent with City and the Authority development and redevelopment policies. Facilitation shall involve education of the CityÓs policies, including possible financial assistance options. Specific Land Uses The City and the Authority shall consider applications for tax increment financing or tax abatement for redevelopment of an aging retail strip center into a mixed-use project, even if the project shall result in increased density. The City and the Authority shall consider applications for tax increment financing or tax abatement for redevelopment of an aging retail strip center where the project will not change the intensity or type of use of the property after the improvements (e.g., façade or site improvements of existing buildings or building tear downs for rebuilds Î commercial to commercial). The City and the Authority shall consider as part of an application for tax increment financing or tax abatement assistance to redevelop an aging retail strip center suggestions by the applicant for possible relief from existing City Ordinances to assist in the financial feasibility of the project. Specific requests 49 https://burnsville.civicweb.net/document/6023/13/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 shall be considered on a case-by-case basis.Approval of a specific request shall not set a precedent for consideration of other requests. Forms of Assistance The City and the Authority shall not use the CityÓs bonding capacity, in the form of an Ðup-front paymentÑ to the applicant, to support redevelopment of aging retail strip center.Any assistance provided for redevelopment of an aging retail strip center shall be on a Ðpay-as-you-goÑ basis. ATTACHMENT A:FORM REQUEST FOR FINANCIAL ASSISTANCE FORM 50 https://burnsville.civicweb.net/document/6023/14/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 CITY OF BURNSVILLE REQUEST FOR FINANCIAL ASSISTANCE FORM REQUIRED INFORMATION 1. Provide a brief project description 2. Provide business information Business Name: Address: Telephone: Contact Name: 3. Provide brief description of the business 4. Provide information on the present ownership of the site Name: Address: Phone Number: Contact Name: 5. Provide information on the proposed project Building square footage: Size of property: Description of building: Materials and other additional relevant building information: 6. Provide total estimated project costs Land Acquisition $____________________ Site Development $____________________ Building Cost $____________________ Equipment $____________________ Architectural & Engineering Fees $____________________ Legal Fees $____________________ Financing Costs $____________________ Broker Costs $____________________ Contingencies $____________________ Other (please specify) $____________________ Total $____________________ 7. Describe amount and purpose for which financing (either tax increment financing or tax abatement financing) is required 8. State specific reasons why the use of tax increment financing or tax abatement assistance is necessary for the project (the Ðbut forÑ test) 51 https://burnsville.civicweb.net/document/6023/15/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 9. List project costs that may be eligible for assistance. Costs that may be eligible for assistance include: - Utilities Design- Site Related Permits - Architectural And Engineering Fees- Soils Correction Directly Attributable To Site Work - Earthwork/Excavation- Utilities (Sanitary Sewer, Storm Sewer and Water, fiber to the premise) - Landscaping- Parking Lot Paving and Parking Lot Lights - Streets And Roads- Sidewalks - Curb And Gutter- Special Assessments - Land Acquisition- Legal Costs Associated With Financing/Closing Attributable To Site - Legal Costs Associated With- Surveys Acquisition - Soil Tests And Environmental- City/Met Council SAC and WAC StudiesCharges - Title Insurance- Application Deposit - Landscape Design 10. Provide market value information Current market value (from Dakota County Assessor): $__________________ Proposed market value at completion: $__________________ 11. Provide real estate property tax information Existing real estate taxes of property: $__________________ Estimated real estate taxes of property upon completion: $__________________ 12. Provide source of financing information Equity $_________________ Bank Loan $_________________ Tax increment assistance (TIF or Abatement) $_________________ Revenue Bonds $_________________ Other $_________________ Total $_________________ 13. Provide name and address of architect, engineer, and general contractor for the project 14. Provide project construction schedule Estimated construction start date: Estimated construction completion date: 52 https://burnsville.civicweb.net/document/6023/16/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 If phased project: __________ Year __________ % Complete __________ Year __________ % Complete 15. Describe how the project will meet one or more of the following City of Burnsville or Burnsville Economic Development Authority goals (in addition to increasing tax base). Please provide measurable, specific, and tangible goals. Goals may include the following: increased wages; creation of jobs that pay wages adequate to support households; and/or job retention where job loss is specific and demonstrable; and/or development or redevelopment projects that are consistent with the City of BurnsvilleÓs goals and objectives. 16. Provide a reference from another municipality (if applicable) 17. Provides names of any other municipalities wherein the applicant, or other corporations the applicant has been involved with, has completed developments within the last five years 18. Provide the following required supplemental information: - Project Pro Formas (one showing with assistance and one without assistance) - Legal description of the property - Application fee of $5,000 payable to the City of Burnsville - Site plan and building rendering SUBJECTIVE ANALYSIS In addition to the required information from above (items 1-19), the following information is requested and will be considered as part of the application approval process: 19. Provide number of years in business 20. Provide number of years located in the City of Burnsville (if applicable) 21. Describe potential for business growth or future development 22. Explain whether the building will be owner-occupied (Yes/No) 23. If rental space, provide the targeted retail rates 24. If building is non-owner occupied, explain whether the lessee will be required to capitalize this lease 25. Provide land costs per acre or square foot 26. Describe the location of proposed facility within Burnsville 27. Describe the general quality of the development 53 https://burnsville.civicweb.net/document/6023/17/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 28. Provide the size of parcel being developed 29. Provide the projected building cost per square foot 30. Additional comments ATTACHMENT B:FORM FUNDABILITY GUIDELINES FORM 1.Ratio of Public versus Private Investment $Private Investment $EDA/Public Investment $Total Investment Ratio of public versus private investment PointValuePrivatePublic 54 https://burnsville.civicweb.net/document/6023/18/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 +1 Less than $3 To $1 +2Over $3To$1 +3 Over $4 To $1 +4 Over $6 To $1 +5 Over $8 To $1 2. Number of Current and Estimated New Employees Point Value Number +1 1 15 +2 > 16 30 +3 > 31 45 +4 > 46 75 +5 > 75 Plus _____ *Current Number of Employees _____ *Estimated New Employees (within next 2 - years) _____ Total Number of Current and Estimated New Employees *Employees should be computed as fulltime equivalent positions 3. Public Investment Per Current Employees Point Value Investment 0 $7,500+ +1 $6,000 - $7,500 +2 $4,500 - $6,000 +3 $3,000 - $4,500 +4 $1,500 - $3,000 +5 $ 0 - $1,500 Public Investment (Tax Abatement/Tax Increment) $ *Current Number of Employees $ Investment Per Employee = $ *Employees should be computed as fulltime equivalent positions 4. Pay Level of Jobs Created Point Pay Dollar Total Weighted Value Range Weighting Employees Dollar Amount 0 $0 14,999 $10,000 _____ $________ +1 $15,000 24,999 $20,000 _____ $________ +2 $25,000 29,999 $27,500 _____ $________ +3 $30,000 44,999 $37,500 _____ $________ +4 $45,000 59,999 $52,000 _____ $________ +5 $60,000 and Over $60,000 _____ $________ 55 https://burnsville.civicweb.net/document/6023/19/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 *TOTAL _____ $________ WEIGHTED AVERAGE = $________ *Employees should be computed as fulltime equivalent positions. New Employees over and above the number required to be added shall be exempt from this section. 5. Real Estate/Property Taxes Generated Point Value *Projected Tax Revenues + 1 Below $25,000 +2 $ 25,000 $49,999 +3 $ 50,000 $99,999 +4$100,000 $249,999 +5 $250,000 and Over Projected Tax Revenues $ *Projected Tax Revenues should be based on the existing property tax system and rates plus legislative future changes if subject to estimation. 6. Service Impact Point Value Type of Development +1 Retail +2 Office Warehouse +3 Office +4 Mixed Use +5 Hi-Tech/Manufacturing +2 Installation of fiber to the premise Type of Use 7. Redevelopment Age Multiplier Point Value Age of Building 1.0 New Development 1.0 0 Î 5 Years Redevelopment* 1.1 6 Î 10 Years Redevelopment* 1.2 11 Î 15 Years Redevelopment* 1.3 16 Î 20 Years Redevelopment* 1.4 21 Î 25 Years Redevelopment* 1.5 26+ Years Redevelopment* * Redevelopment is defined as the development of a property again to a better condition. 8. Significant Impact Multiplier Point Value Type of Use 3.0 Mixed Use New Development or Redevelopment 2.5 Commercial/Industrial Redevelopment 56 https://burnsville.civicweb.net/document/6023/20/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 2.0 Industrial New Development 1.5Commercial New Development WORKSHEET SUMMARY Worksheet Breakdown Total Points 1. Ratio of Public versus Private Investment (1 to 5) 2. Number of Current and Estimated New Employees (1 to 5) 3. Public Investment per Current Employee (0 to 5) 4. Pay Level of Positions (0 to 5) 5. Real Estate/Property Taxes Generated (1 to 5) 6. Service Impact (0 to 5) SUBTOTAL MultiplierÓs 7. Redevelopment Age Multiplier (1.0 to 1.5) 8. Significant Impact Multiplier (1.5 to 3.0) TOTAL SCORE * To determine the total score multiply the Subtotal x Redevelopment Age Multiplier x Service Impact Multiplier. The information provided herein is true and accurate to the best of my knowledge: (Signature) (Date) Fundability Rating for Tax Abatement The total score on the project analysis sheet on previous page determines the general term of assistance. The City of Burnsville or Burnsville Economic 57 https://burnsville.civicweb.net/document/6023/21/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 Development Authority will make any final decision on term. Point Value Term of Assistance* 0 - 25 0 Years 26 Î 35 3 Years 36 Î 45 5 Years 46 Î 59 7 Years **60 and over 10 Years * Assistance amount will be the incremental taxes only. ** The City or the Authority may consider between 15 Î 20 years for projects that score 60 and over. APPENDIX B Expansion/Relocation of a Business outside the City of Burnsville I. PURPOSE AND NEED FOR CRITERIA 58 https://burnsville.civicweb.net/document/6023/22/23 10/14/26, 11:55 AM1.136 - Business Subsidy Policy - 1.137 (TIF) - 1.138 (Tax Abat.) 2018 The City of Burnsville has periodically received requests from the Department of Employment and Economic Development (DEED) to issue a letter of support to allow a business subsidy for a business needing to expand or relocate to another city from the City of Burnsville. This appendix provides the criteria that will be utilized when a request is received. II. GENERAL GUIDELINES Resoluon of support ŷĻ /źƷǤ ƚŅ .ǒƩƓƭǝźƌƌĻ ƒğǤ ğķƚƦƷ ğ wĻƭƚƌǒƚƓ ƚŅ {ǒƦƦƚƩƷ ŅƚƩ ğ .ǒƩƓƭǝźƌƌĻ ĬǒƭźƓĻƭƭ Ʒƚ ƩĻĭĻźǝĻ ğ ĬǒƭźƓĻƭƭ ƭǒĬƭźķǤ Ʒƚ ğƌƌƚǞ ŅƚƩ ĻǣƦğƓƭźƚƓ ƚƩ ƩĻƌƚĭğƚƓ źƓ ğƓƚƷŷĻƩ ĭźƷǤ źŅ ƷŷĻ ŅƚƌƌƚǞźƓŭ ĭƩźƷĻƩźğ ĻǣźƭƷʹ ŷĻ 5ĻƦğƩƷƒĻƓƷ ƚŅ 9ƒƦƌƚǤƒĻƓƷ ğƓķ 9ĭƚƓƚƒźĭ 5ĻǝĻƌƚƦƒĻƓƷ Λ5995Μ ŷğƭ ƒğķĻ ğ ǞƩźĻƓ ƩĻƨǒĻƭƷ͵ ŷĻ /źƷǤ Ʒƚ Ǟŷźĭŷ ƷŷĻ ĬǒƭźƓĻƭƭ Ǟźƌƌ ĻǣƦğƓķ ƚƩ ƩĻƌƚĭğƷĻ Ǟźƌƌ ğƌƭƚ ƒğƉĻ ğ ǞƩźĻƓ ƩĻƨǒĻƭƷ͵ ŷĻ ĬǒƭźƓĻƭƭ ƭǒĬƭźķǤ źƭ ƦğƩƷ ƚŅ ƷŷĻ 5995 .ǒƭźƓĻƭƭ CźƓğƓĭźƓŭ tƩƚŭƩğƒ͵ ŷĻ ĬǒƭźƓĻƭƭ ŷğƭ ƒĻƷ ǞźƷŷ ƷŷĻ /źƷǤ ƚŅ .ǒƩƓƭǝźƌƌĻ Ʒƚ ĻǣƦƌƚƩĻ ğƌƌ ƚƦƚƓƭ ǞźƷŷźƓ ƷŷĻ /źƷǤ ŅƚƩ ƷŷĻ ĻǣƦğƓƭźƚƓ ĬĻŅƚƩĻ ĻǣƦƌƚƩźƓŭ ƚƦƚƓƭ ƚǒƷƭźķĻ ƷŷĻ /źƷǤ͵ ŷĻ ĬǒƭźƓĻƭƭ ƭǒĬƭźķǤ Ǟźƌƌ ĬĻ ŭƩğƓƷĻķ Ʒƚ ƩĻƷğźƓ ƷŷĻ ĬǒƭźƓĻƭƭ źƓ ƷŷĻ {ƷğƷĻ ƚŅ aźƓƓĻƭƚƷğ͵ ŷĻ ĬǒƭźƓĻƭƭ ƭǒĬƭźķǤ Ǟźƌƌ ŷğǝĻ ƭƷğƷĻķ ƆƚĬͲ ǞğŭĻͲ ƚƩ Ʒğǣ źƓĭƩĻğƭĻ ŭƚğƌƭ͵ ŷĻ ĬǒƭźƓĻƭƭ ƭǒĬƭźķǤ ğŭƩĻĻƒĻƓƷ ƒǒƭƷ ƭƦǒƌğƷĻ ƷŷğƷ ƷŷĻ ƩĻĭźƦźĻƓƷ Ǟźƌƌ ĭƚƓƓǒĻ ƚƦĻƩğƚƓƭ ğƷ ƷŷĻ ƭźƷĻ ǞŷĻƩĻ ƷŷĻ ƭǒĬƭźķǤ źƭ ǒƭĻķ ŅƚƩ ğƷ ƌĻğƭƷ ŋ ǝĻ ǤĻğƩƭ ğĻƩ ƷŷĻ ĬĻƓĻ ŋ Ʒ ķğƷĻ͵ ŷĻ ĬǒƭźƓĻƭƭ ƭǒĬƭźķǤ Ǟƚǒƌķ ĬĻ ğǝğźƌğĬƌĻ źŅ ƭǒźƷğĬƌĻ ĻǣƦğƓƭźƚƓ ƚƦƦƚƩƷǒƓźĻƭ ĻǣźƭƷĻķ źƓ ƷŷĻ /źƷǤ ƚŅ .ǒƩƓƭǝźƌƌĻ͵ ŷĻ /źƷǤ ƚŅ .ǒƩƓƭǝźƌƌĻ Ǟźƌƌ ƩĻĭĻźǝĻ ğ ĭƚƦǤ ƚŅ ƷŷĻ ğƦƦƌźĭğƚƓ ŅƚƩ ƷŷĻ ĬǒƭźƓĻƭƭ ƭǒĬƭźķǤͲ ƭƷğƓŭ ƷŷĻ ğƒƚǒƓƷ ğƓķ ƷǤƦĻ ƚŅ ƭǒĬƭźķǤͲ Ʒƚ źƓĭƚƩƦƚƩğƷĻ źƓ ƷŷĻ ƭƷğ ƩĻƦƚƩƷ ŅƚƩ ƷŷĻ wĻƭƚƌǒƚƓ ƚŅ {ǒƦƦƚƩƷ͵ Criteria Deviaons ŷĻ /źƷǤ ƚŅ .ǒƩƓƭǝźƌƌĻ ƒğǤ ķĻǝźğƷĻ ŅƩƚƒ ƷŷĻ ĭƩźƷĻƩźğ ĬǤ ķƚĭǒƒĻƓƓŭ ƷŷĻ ƩĻğƭƚƓ ŅƚƩ ƷŷĻ ķĻǝźğƚƓ źƓ ƷŷĻ ƩĻƭƚƌǒƚƓ͵ ŷĻ /źƷǤ ƚŅ .ǒƩƓƭǝźƌƌĻ Ǟźƌƌ ƓƚƷ ğƦƦƩƚǝĻ ğ ķĻǝźğƚƓ ŅƩƚƒ ƷŷĻƭĻ ĭƩźƷĻƩźğ ǞźƷŷƚǒƷ ğ ǞƩźĻƓ ƩĻƨǒĻƭƷ ķĻƭĭƩźĬźƓŭ ǞŷǤ ƷŷĻ ķĻǝźğƚƓ źƭ ƓĻĻķĻķ ŅƩƚƒ 5995Ͳ ƷŷĻ ĬǒƭźƓĻƭƭͲ ğƓķ ƷŷĻ ƩĻƨǒĻƭƓŭ ĭźƷǤ͵ Resoluon Adopon The Resolution of Support will be adopted at a regularly scheduled council meeting. Page 1 of 25 1/16/18 59 https://burnsville.civicweb.net/document/6023/23/23 Exhibit A Amended: August 15, 2022 Last Amended: April 20, 2015 Business Subsidy Policy &®± ³§¤ ¯´±¯®²¤² ®¥ ³§¨² £®¢´¬¤­³Ǿ ³§¤ ³¤±¬ ȏ¢¨³¸Ȑ ¨­¢«´£¤² ³§¤ & ±¬¨­¦³®­ #¨³¸ #®´­¢¨«Ǿ ³§¤ Farmington Economic Development Authority (EDA), city staff, financial consultant, and legal counsel. I. PURPOSE The purpose of the Farmington Business Subsidy Policy is to establish criteria for the granting of business subsidies, including financial assistance, through Tax Increment Financing (TIF), Tax Abatement, or other programs that may become available through the city or the Minnesota Department of Employment & Economic Development (DEED). This policy will be used as criteria for providing subsidies, in addition to the requirements and limitations set forth by provision of Minnesota Statutes Section 116J.993 through 116J.995, as amended, the Business Subsidy Act (the act). Any applicant who is not in good standing with the city regarding licenses, fees, code violations, or other city issues will not be considered for a business subsidy. The criteria set forth in this Business Subsidy Policy shall be used as a guide in processing and reviewing the application and will be used in conjunction with other relevant policies of the city. The city reserves the right to approve or reject projects on a case-by-case basis, taking into consideration current polices, project criteria, and demand on city services or infrastructure in relation to the potential benefits from the project. Meeting this policy criteria does not guarantee the award of business assistance for the project. Approval or denial of one project is not intended to set precedent for approval or denial of another project. The City may amend this policy at any time. Amendments are subject to public hearing requirements contained in the act. The city also has the right to deviate from this policy at any time. II. TYPES OF BUSINESS SUBSIDY A Business Subsidy, as further defined herein and in the Act shall include, but not be limited to one of the following types of subsidies provided by the City and/or DEED: 1. Loan 2. Grant City of Farmington, MN Page 1 of 7 Business Subsidy Policy 60 3. Tax Abatement 4. Tax Increment Financing (TIF) or other tax reduction or deferral 5. Guarantee of payment 6. Contribution of property or infrastructure 7. Preferential use of governmental facilities 8. Land contribution, or 9. Another specified subsidy III. BUSINESS SUBSIDY CRITERIA The following criteria will be utilized in evaluating a request for a business subsidy. 1. Public Purpose. A business subsidy must be used to meet a public purpose. The public purpose may include, but may not be limited to, increasing the tax base. Job retention may only be used as a public purpose in cases where job loss is specific and demonstrable. 2. Increase Tax Base. The act provides that an increase in tax base cannot be the sole basis for generating a business subsidy. However, the city considers an increase in tax base to be a critical factor in granting a business subsidy. 3. Wage & Job Creation. The project provided a business subsidy must create a minimum of ten full-time equivalent job paying at least 200% of the State minimum wage in effect at the time the subsidy is granted. If, after a public hearing, the city determines that the creation or retention of jobs not a goal of the project, the job creation goal may be set at zero (0). The maximum assistance provided per job created or maintained will be $25,000/job. 4. "But-For" Test. When there is a substantial likelihood that the project would not go forward or would not go forward in the same capacity without the business subsidy. This criterion may be met based solely on representation of the recipient of the business subsidy. 5. Other Economic or Redevelopment Goals. If creation of jobs is determined not to be a goal of a project (and by extension wages) the proposed business subsidy must achieve specific, tangible, and measurable goals related to one or more of the following: a) To encourage additional unsubsidized private development in the area, either £¨±¤¢³«¸ ®± ¨­£¨±¤¢³«¸ ³§±®´¦§ ȏ²¯¨­ ®¥¥Ȑ £¤µ¤«®¯¬¤­³ȁ b) To remove blight and/or encourage development of commercial and industrial areas in the city that result in higher quality development and private investment. c) To support a project that will improve the quality of life in the city by providing a desirable good or service and addressing an unmet demand in the community. d) To promote revitalization and redevelopment within the city but especially in the Downtown and HWY 3 Corridor. e) &®¢´² ®­ ³§¤ ¢±¤ ³¨®­ ®¥ ¶¤ «³§ ³§±®´¦§ ȏ§¨¦§ µ «´¤ ¨­µ¤²³¬¤­³Ȑ ± ³§¤± ³§ ­ ®­ ³§¤ City of Farmington, MN Page 2 of 7 Business Subsidy Policy 61 number of jobs created. In granting a business subsidy, the city may deviate from the criteria outlined above if: a) The reason for the deviation is documented in writing, and b) Reported to the DEED pursuant to the act. IV. APPLICATION PROCESS The applicant will complete and submit the city's Business Subsidy Application, the required application fee (refer to the current year's adopted fee schedule), and any additional information requested by the city pertaining to the project. The application fee covers the cost of the city's outside financial analysis and the development of a business subsidy agreement by legal counsel. The applicant will be liable for any additional costs beyond the initial application fee. All materials submitted to the city in connection with a business subsidy application shall become the property of the city and is subject to data privacy law. The review process shall involve at least the following: 1. The city shall review the application materials to ensure: a. The completeness of the application, and b. Whether the application meets the goals and criteria of this policy. 2. If the city determines the application is complete, a public hearing will be set. 3. At the time of the scheduled public hearing, staff will make a final recommendation to the city regarding the approval or denial of the business subsidy application. This recommendation will be based on: a. Applicable credit analysis. b. Financial structure of the proposed project/application. c. Legal compliance of the project/application. 4. The city will conduct the public hearing, during which they will take citizen comment on the issuance of the business subsidy. After the public hearing is closed, the city will either approve or deny the business subsidy request. If the subsidy is approved, the business and the city will enter into a Business Subsidy Agreement. V. BUSINESS SUBSIDY AGREEMENT The following terms are specified under MN Statute 116J.994, Subd.3 Subsidy Agreement: 1. A recipient must enter into a subsidy agreement with the grantor of the subsidy that includes: a. A description of the subsidy, including the amount and type of subsidy, and type of district if the subsidy is tax increment financing. b. A statement of the public purposes for the subsidy. City of Farmington, MN Page 3 of 7 Business Subsidy Policy 62 c. Measurable, specific, and tangible goals for the subsidy. d. A description of the financial obligation of the recipient if the goals are not met. e. A statement of why the subsidy is needed. f. A commitment to continue operations in the jurisdiction where the subsidy is used for at least five years after the benefit date. g. The name and address of the parent corporation of the recipient, if any. h. A list of all financial assistance by all grantors for the project. 2. A business subsidy in the form of grants must be structured as a forgivable loan. For other types of business subsidies, the agreement must state the fair market value of the subsidy to the recipient, including the value of conveying property at less than a fair market price, or other in-kind benefits to the recipient. 3. If a business subsidy benefits more than one recipient, the grantor must assign a proportion of the business subsidy to each recipient that signs a subsidy agreement. The proportion assessed to each recipient must reflect a reasonable estimate of the recipient's share of the total benefits of the project. 4. The city and the recipient must both sign the subsidy agreement, and the agreement must be approved by the local elected governing body. 5. Notwithstanding the provision in V.1. clause f. of this agreement which states: A commitment to continue operations in the jurisdiction where the subsidy is used for at least five years after the benefit date A recipient may be authorized to move from the jurisdiction where the subsidy is used within the five-year period after the benefit date if, after a public hearing, the grantor approves the recipient's request to move. VI. COMPLIANCE AND REPORTING 1. !­¸  ²²¨²³ ­¢¤ ³§ ³ £®¤² ­®³ ¬¤¤³ ³§¤ £¤¥¨­¨³¨®­ ®¥   ȏ¡´²¨­¤²² ²´¡²¨£¸Ȑ ¶¨«« ¡¤ ¤·¢«´£¤£ ¥±®¬ the requirement of holding a public hearing prior to granting a business subsidy. All assistance that meets the definition shall be subject to the requirement of a public hearing. 2. Every recipient of a business subsidy must enter into a business subsidy agreement with the city. This agreement must fulfill the requirements of the act. 3. Both the recipient and the city must comply with the business subsidy reporting and monitoring requirements of the act. 4. If a recipient fails within two (2) years of the benefit date as defined in the act to meet the job and wage goals set forth in the business subsidy agreement, the recipient or its successors and assigns shall be liable to repay to the city the assistance plus interest. The city may prorate City of Farmington, MN Page 4 of 7 Business Subsidy Policy 63 repayment to reflect partial fulfillment of the goals set forth in the business subsidy agreement. The rate of interest charged must be set at no less than the implicit price deflator for government consumption expenditures and gross investment for local governments prepared by the Bureau of Economic Analysis of the United States Department of Commerce. 5. The city may, after holding a public hearing, extend the time for compliance with the business subsidy agreement job and wage goals by up to one (1) year. VII. DEFINITIONS ȏ"¤­¤¥¨³ £ ³¤͓ means the date that the recipient receives the business subsidy. If the business subsidy involves the purchase, lease, or donation of physical equipment, then the benefit date begins when the recipient puts the equipment into service. If the business subsidy is for improvements to property, then the benefit date refers to the earliest date of either: a) When the improvements are finished for the entire project; or b) When a business occupies the property. If a business occupies the property and the subsidy grantor expects that other businesses will also occupy the same property, the grantor may assign a separate benefit date for each business when it first occupies the property. ȏ"´²¨­¤²² 3´¡²¨£¸Ȑ ®± ȏ3´¡²¨£¸Ȑ means a state or local government agency grant, contribution of personal property, real property, infrastructure, the principal amount of a loan at rates below those commercially available to the recipient, any reduction or deferral of any tax or any fee, any guarantee of any payment under any loan, lease, or other obligation, or any preferential use of government facilities given to a business. ȏ4§¤ !¢³Ȑ means the Business Subsidy Act, Minnesota Statutes Section 116J.993 through 116J.995, as amended. ȏ"´²¨­¤²² 3´¡²¨£¸ 2¤¯®±³Ȑ means the annual reports submitted each year for each business receiving a business subsidy in the community. The report is submitted by the local government unit in order to comply with M.S. §116J.994 Subd. 7. (b). ȏ#±¨³¤±¨ Ȑ means the equitably applied, uniform standards by which the City bases its decision to award any business subsidy to a private business or development project establishing a business and creating jobs in the City of Farmington. ȏ$%%$Ȑ means Minnesota Department of Employment and Economic Development. ȏ Full-Time Equivalent Job Ȑ 4§¤ ­´¬¡¤± £®¤² ­®³ ±¤¥«¤¢³ §¤ £¢®´­³Ǿ ¡´³ ± ³§¤±  ««  ­­´ « §®´±² recorded by the employer divided by 40 hours per week. ȏ'± ­³®±Ȑ means the city department, city attorney, local or regional economic development agency or other authorized entity that is empowered to solicit, negotiate, and form business subsidy agreements on behalf of the City of Farmington. City of Farmington, MN Page 5 of 7 Business Subsidy Policy 64 ȏ(¨¦§ 6 «´¤ )­µ¤²³¬¤­³Ȑ will create jobs for highly skilled workers to operate the facility and often includes expensive equipment that is very difficult and costly to move and often requires customized buildings and building designs. ȏ,®¢ « '®µ¤±­¬¤­³ !¦¤­¢¸ȐȀ Includes a statutory or home rule charter city, housing and redevelopment authority, town, county, port authority, economic development authority, community development agency, nonprofit entity created by a local government agency, or any other entity created by or authorized by a local government with authority to provide business subsidies ȏ0´¡«¨¢ 0´±¯®²¤Ȑ A business subsidy must meet a public purpose which may include, but may not be limited to, increasing the tax base. Job retention may only be used as a public purpose in cases where job loss is specific and demonstrable. ȏ2¤¢¨¯¨¤­³Ȑ means any for-profit or nonprofit business entity that receives a business subsidy. Only nonprofit entities with at least 100 full-time equivalent positions and with a ratio of highest to lowest paid employee, that exceeds ten to one, determined on the basis of full-time equivalent positions, are included in this definition. VIII. FINANCIAL ASSISTANCE ./4 CONSIDERED A BUSINESS SUBSIDY The following forms of financial assistance are not considered business subsidy under MN Statute 116J.993, Subd.3 Business Subsidy: 1. A business subsidy of less than $150,000. 2. Assistance that is generally available to all businesses or to a general class of similar businesses, such as a line of business, size, location, or similar general criteria. 3. Public improvements to buildings or lands owned by the state or local government that serve a public purpose and do not principally benefit a single business or defined group of businesses at the time the improvements are made. 4. Redevelopment property polluted by contaminants as defined in 116J.552, subdivision 3. 5. Assistance provided for the sole purpose of renovating old or decaying building stock or bringing it up to code and assistance provided for designated historic preservation districts, provided that the assistance is equal to or less than 50 percent of the total cost. 6. Assistance to provide job readiness and training services if the sole purpose of the assistance is to provide those services. 7. Assistance for housing. 8. Assistance for pollution control or abatement, including assistance for a tax increment financing hazardous substance sub-district as defined under M.S. §469.174, subdivision 23; 9. Assistance for energy conservation. 10. Tax reductions resulting from conformity with federal tax law. 11. Workers' compensation and unemployment insurance. 12. Benefits derived from regulation. City of Farmington, MN Page 6 of 7 Business Subsidy Policy 65 13. Indirect benefits derived from assistance to educational institutions. 14. Funds from bonds allocated under chapter 474A, bonds issued to refund outstanding bonds, and bonds issued for the benefit of an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended through December 31, 1999. 15. Assistance for a collaboration between a Minnesota higher education institution and a business. 16. Assistance for a tax increment financing soils condition district as defined under section 469.174, subdivision 19. 17. Redevelopment when the recipient's investment in the purchase of the site and in site preparation is 70 percent or more of the assessor's current years estimated market value. 18. General changes in tax increment financing law and other general tax law changes of a principally technical nature. 19. Federal assistance until the assistance has been repaid to, and reinvested by, the state or local government agency. 20. Funds from dock and wharf bonds issued by a seaway port authority. 21. Business loans and loan guarantees of $150,000 or less. 22. Federal loan funds provided through the United States Department of Commerce, Economic Development Administration. 23. Property tax abatements granted under M.S. §469.1813 to property that is subject to valuation under Minnesota Rules, chapter 8100 City of Farmington, MN Page 7 of 7 Business Subsidy Policy 66