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2002 Approved Budget
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2002 Approved Budget
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6/19/2012 1:16:02 PM
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6/19/2012 1:10:56 PM
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Tax Increment Policy <br />Purpose <br />The City of Roseville Tax Increment Financing Policies are established to primarily enhance private <br />sector employment growth and job retention, plus tax base expansion. Added priorities include: upgrading <br />of obsolescent public and private facilities, remediation of pollution, provision for natural resource <br />retention or remediation, expansion of life cycle and affordable housing renovation and new construction. <br />It seeks to involve the community, the region, and other taxing jurisdictions in a fair and open process. <br />The policy shall meet the requirements of Minnesota Statutes 469. It will be honest to its citizens, fair to <br />all affected taxing districts, comprehensive in calculating its impact, open to public and governmental <br />scrutiny and comment, and treat all applicants in a fair manner - -yet, recognize that fair treatment may not <br />necessarily be interpreted as equal treatment to all, due to the limited resources available. <br />Scope <br />SECTION 1. General Policy Statement. It is the City's policy to encourage and enhance individual <br />choice in jobs and in housing to fit our citizens needs; to encourage and enhance economically strong, <br />stable job producing commercial and industrial projects within the city which will create employment <br />opportunities; to provide housing affordable to our residents; to provide life cycle housing opportunities; <br />to provide for pollution abatement and soil correction; to protect and enhance natural resources; and to <br />protect individual and community property values by redeveloping blighted buildings, land, and public <br />infrastructure. The City will use tax increment financing investments only in very specific cases where a <br />needed public obj ective is identified and approved and private capital could not be attracted. to <br />accomplish this objective. The City will be proactive in forming government collaborations and leverage <br />private investments in areas or sites where a project would not otherwise be financially feasible. <br />To implement these general policies, it is also necessary to establish a policy regarding the orderly <br />process of planning and budgeting to fulfill legal and operating requirements. Such a policy will provide <br />fiscal guidance for elected officials, staff, and the community to set priorities and meet the needs of the <br />citizens in a methodical and financially prudent manner. <br />SECTION 2. Public Purpose Statement for Economic and Housing Development. The City Council <br />shall consider the following public purpose issues after completion of an application by the developer: <br />A. The project shall meet the legislative criteria and intent for the use of tax increment subsidies. <br />The figures supplied in the application shall be checked for accuracy. The School District and <br />County shall be approached by the developer and presented with an application for their review. <br />The City shall utilize the services of qualified advisors including but not limited to independent <br />legal, accounting, financial and planning advisors with development expertise to provide the <br />City Council with additional project analysis. <br />B. The developer shall demonstrate that the project as proposed cannot be built without the use of a <br />public investment incentive; it is understood that these projects would not be financially feasible <br />without tax increment assistance from the City. <br />Assistance to promote community development objectives shall typically be in the form of pay - <br />as- you -go tax increment financing. Each project will be evaluated on a case by case basis. The <br />City Council reserves the right to provide up front subsidies for priority projects. <br />II -28 <br />
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