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1998_0420_packet
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1998_0420_packet
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IJ <br /> • • consider altemative equity sourOes, the harriers <br /> ' ct fins ncrng utilizing TI F shall <br /> . rode <br /> the use <br /> of TI F t and the proleot <br /> to fat e sector involvement which make necessary <br /> and financial guarantees which pr otect the s investment. <br /> • repayable to the pity for other economic <br /> cen tires may be in the form of loans, <br /> J. In ]� used � the �t to adequately <br /> activities. Such incentives may be <br /> development expand head of household jobs <br /> other rnmunities to retain and/or expo <br /> compete with . equipment ment u date, <br /> a building expansion or plant end eq � � <br /> when growth rewires � <br /> Loans may only be considered <br /> as an incentive if tax increment is insufficient <br /> increment to support the project end shall <br /> to create adequate tai rn <br /> demonstrate and provide surety and securri as described in Subsection I. <br /> above. <br /> il. ' <br /> Applicants seeking loans shall demonstrate that a local bank will provide at <br /> � <br /> of the funds <br /> least �� � <br /> and agree to; a) share all underwriting information <br /> � <br /> an d, b service both the bank and ity loans. <br /> } <br /> ill. The loan term shall be <br /> .. for no more than 8 years. The City interest rate <br /> shall be the City's average earned interest on investments for the previous <br /> 12 months. <br /> • e the tai increment application form and <br /> Irc�atsons for lawns shall use iv. R <br /> shall <br /> include all bank loan application documentation. <br /> K. Tax increment may used fdr the folio ifing purposes; <br /> Ii. Replacement or clew n u p <br /> of contaminated soils which would preclude <br /> � <br /> development has defined b the Minnesota Pollution Control Agency)• <br /> H. RecJaman of existin g urban area unbuildable sails. <br /> iii. Replacement or coon <br /> of overburdened or aged City or County roads, <br /> or other public uti <br /> libes services, or parts which generally serge the <br /> proposed development site, <br /> Removal and/or replacement <br /> of buildings and structures which are blighted, <br /> iv. 'ons in a project area where at least 50% of <br /> abandoned, or trafl'ia obstructs � J <br /> . substandard and require either substantial renovat�c► or <br /> the buildings are . <br /> �� structures shall be defined as structures which have a <br /> clearance. "Blighted" � <br /> market value that is less than 50% of the average square foot market value <br /> 3 <br />
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