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2002 Approved Budget
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2002 Approved Budget
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iii. Replacement or correction of overburdened or aged City or County roads, sewers, or <br />other public utilities, services, or parks which generally serve the proposed development <br />site. <br />iv. Removal and /or replacement of buildings and structures that are blighted, abandoned, or <br />traffic obstructions in a project area where at least 50% of the buildings are substandard <br />and require either substantial renovation or clearance. "Blighted" structures shall be <br />defined as structures which have a market value that is less than 50% of the average <br />square foot market value (as determined by the current year's County Assessor's records) <br />of structures within a 500 foot radius of the "blighted" structure. <br />V. Construction subsidy of, or rent subsidy for, low income housing of all types. <br />vi. Construction subsidies equivalent to up to ten (10) years property taxes for commercial, <br />industrial, or multifamily structures which, because of their high quality materials, <br />design, and construction, will have a construction value of at least 133% of the current <br />year average building valuation for similar occupancies as published by the Minnesota <br />Building Code Office. <br />vii. Public infrastructure projects of a local or regional nature (which are located in or cross <br />through the city) that benefit the site or future development potential but are not normally <br />financed through general property taxation. <br />viii. Other building, land, or infrastructure uses or improvements allowed within State Statutes <br />469.175 that are approved by the City Council during the project review. <br />SECTION 3. Tax Increment Funds and Policies. All tax increment revenues, after annual debt service <br />requirements and direct project commitments have been met, will be deposited into the TAX <br />INCREMENT FUND. An annual financial report shall be compiled in a manner as established by <br />Minnesota State Statutes which will be made available publicly as well as filed with the Office of the <br />State Auditor.. In districts where increments have been generated and are not obligated to- pay -as you —go <br />projects, debt repayment, or to other districts, the Council will evaluate overall financial policies to <br />determine the advance payment of outstanding debt, district closure or the use of the funds for allowable <br />projects. <br />SECTION 4. Public Purpose Statement for Infrastructure Development. From time to time, the <br />City Council may choose to invest in infrastructure to improve the quality, quantity, effectiveness, and <br />efficiency of public improvements, programs, and services. The City may assist (or share with a <br />collaborator from other public or private sector agencies) in the provision of such improvements. <br />The process for approving infrastructure developments includes the following: <br />A. The City Council may designate a review board or task force and a chairperson, and provide a <br />specific task and timetable for the review board or task force to review such proposals. During its <br />designated time, the review board or task force may hold public information meetings to gather <br />input regarding the proposals, and report its findings to the City Council for Council <br />consideration. The review board or task force may be composed of representatives from the <br />Council, the City Manager, Finance Director, Community Development Director, a representative <br />from the Planning Commission and the Parks and Recreation Commission, as well as other <br />citizens and participants designated by the City Council. <br />B. The review process shall be composed of: <br />II -30 <br />
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