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6) Construction subsidies equivalent to up to ten (10) years property taxes for commercial, industrial, or multifamily structures which, because of their high quality materials, design, and construction, will have a construction value of at least 133% of the current year average building valuation for similar occupancies as published by the Minnesota Building Code Office. 7) Public infrastructure projects of a local or regional nature (which are located in or cross through the city) that benefit the site or future development potential, but are not normally financed through general property taxation. 8) Other building, land or infrastructure uses or improvements allowed within State Statutes 469.175 which are approved by the City Council during the project review. SECTION 3. Tax Increment Funds and Policies. All tax increment revenues, after annual debt service requirements and direct project commitments have been met, will be deposited into the TAX INCREMENT FUND. An annual summary of all TIF districts will be compiled showing original base market value, increment collected, increment obligated (debt, project costs, etc.) expenditures, prospective projects, and district cash balance. In districts where excess increments have been generated and are not obligated to other districts or prospective projects, the Council will evaluate overall financial policies to determine whether the district should be closed or the excess increment deposited in the TAX INCREMENT FUND. The allocation of revenues within this fund will be utilized as follows: A. An Economic/Housing Development Fund of75% of tax increment revenues after debt service shall be established to assist in maintaining the community's tax base; to provide for economic stability and growth; to provide for maintaining and creating quality housing stock; to enhance job creation within the community; to encourage and enhance economically strong, stable job producing commercial and industrial projects within the city which will create employment opportunities; to provide affordable housing; to provide a range of housing types matching the variety of life styles and ages of our residents; to provide for pollution abatement and soil correction; to protect and enhance natural resources; to protect individual and community property values by redeveloping blighted buildings, land and public infrastructure; and by creating a positive financial environment to create innovative, neighborhood oriented investments. B. An Infrastructure Improvement Fund of 15% of increment revenues after debt service shall be established to assist the City in providing needed public facilities on a non-general obligation debt basis. Infrastructure improvement investments should: 1) Remedy an outdated or inadequate parcel or land use layout, street or access system, utility system, or drainage system by making more efficient use of the property or system, reducing City operating costs or facilitating increased use of property, or facilitating increased property values and employment. Page 4 City of Roseville Tax Increment Policy ADOPTED 9/09/96, Amended and Restated 2/10/97, Reprinted June 1999