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<br />I. Project financing utilizing TIF shall consider alternative equity sources, the barriers to private <br />sector involvement which make necessary the use ofTIF, and the project and financial <br />guarantees which protect the City's investment. <br /> <br />J. Incentives may be in the form ofloans, 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 /> <br />1) 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 /> <br />2) 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 <br />bank and City loans. <br /> <br />3) The loan term shall be for no more than 8 years. The City interest rate shall be the <br />City's average earned interest on investments for the previous 12 months. <br /> <br />4) Applications for loans shall use the City tax increment application form and shall <br />include all bank loan application documentation. <br /> <br />K. Tax increment may be used for the following purposes: <br /> <br />Page .'3 <br /> <br />1) <br /> <br />Replacement or cleanup of contaminated soils which would preclude development (as <br />defined by the Minnesota Pollution Control Agency). <br /> <br />2) <br /> <br />Reclamation of existing urban area unbuildable soils. <br /> <br />3) <br /> <br />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 /> <br />4) <br /> <br />Removal and/or replacement of buildings and structures which are blighted, abandoned, <br />or traffic obstructions in a project area where at least 50% of the buildings are <br />substandard and require either substantial renovation or clearance. "Blighted" structures <br />shall be defined as structures which have a market value that is less than 50% of the <br />average square foot market value (as determined by the current year's County Assessor's <br />records) of structures within a 500 foot radius of the "blighted" structure. <br /> <br />5) <br /> <br />Construction subsidy of, or rent subsidy for, low income housing of all types. <br /> <br />City of Roseville Tax Increment Policy <br />ADOPTED 9/09/96, Amended and Restated 2/10/97, Reprinted June 1999 <br />