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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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C. The project shall attempt to create more of a tax basis than it consumes in City, County, or School <br />services. The public services (and the estimated costs) required by the proposed use shall be <br />calculated. Within districts that are prohibited from pooling funds, any excess increment <br />generated shall be returned to the School District and the County. <br />All new districts will not export funds, but may receive additional funds under the guidelines of <br />Section 3. <br />D. The public shall have adequate legal notice of this proposal and been given an opportunity to <br />review the project details before and during public hearings. The use of community polls may be <br />considered to assess community interest in proposed infrastructure projects. <br />E. Significant new employment or housing choices shall be created at the site that will benefit a <br />broad segment of our community. <br />F. The project shall enhance adjoining properties and create opportunities for further development. <br />When an environmental problem exists within a proposed project, the developer shall reduce, <br />correct, or eliminate said problem(s) on the site. <br />G. The project shall be compatible with the adjacent and nearby land uses, and shall be consistent <br />with the City's Comprehensive Plan and zoning regulations. <br />H. The quality of the proposed building and site improvements shall meet or exceed City standards. <br />L Project financing utilizing TIF shall consider alternative equity sources, the barriers to private <br />sector involvement which make necessary the use of TIF, and the project and financial guarantees <br />which protect the City's investment. <br />J. Incentives may be in the form of loans, repayable to the City for other economic development <br />activities. Such incentives may be used by the City to adequately compete with other <br />communities to retain and /or expand head of household jobs when growth requires a building <br />expansion or plant and equipment update. <br />Loans may only be considered as an incentive if tax increment is insufficient to create <br />adequate tax increment to support the project and shall demonstrate and provide surety <br />and security as described in Subsection I. above. <br />ii. Applicants seeking loans shall demonstrate that a local bank will provide at least 50% of <br />the funds and agree to: a) share all underwriting information and, b) service both the bank <br />and City loans. <br />iii. The loan term shall be for no more than 8 years. The City interest rate shall be the City's <br />average earned interest on investments for the previous 12 months. <br />iv. Applications for loans shall use the City tax increment application form and shall include <br />all bank loan application documentation. <br />K. Tax increment may be used for the following purposes: <br />Replacement or cleanup of contaminated soils that would preclude development (as <br />defined by the Minnesota Pollution Control Agency). <br />ii. Reclamation of existing urban area unbuildable soils. <br />II -29 <br />
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