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2004_0517_Packet
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2004_0517_Packet
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� <br />Cify of Roseville, Minnesot� <br />� <br />� <br />� <br />� <br />� <br />� <br />Typically the City's protection lies in its ability to tie its assistance to the following <br />activities: <br />� Financing commitments <br />Property acquisition <br />� Obtaining building permits <br />. Value threshold of construction (e.g. 25%, 50%, 75%, full build-out) <br />Assistance flowing to a project can be timed to minimize exposure. Generally <br />these dollars are most secure if allowed to flow to the project upon full build-out, or <br />comaletion of building construction, the result of which is an increase in the tax <br />base. Actual creation of the new tax base is important because it most often is the <br />funding source for the assistance. The true creation of the new tax base provides <br />some secunty, but does not cover every eventuality. Once the tax base ewsts, it <br />is still possible that its capacity could be reduced through changes in the property <br />tax classification rates, TIF or abatement law, or other unforeseen circumstances. <br />� Other methods of protection include penalty payments or even a"reversion <br />clause" in the redevelopment agreement, which acts to allow the land or another <br />asset of the project to "revert"back to the City in an event of default. <br />� <br />� <br />� <br />� <br />� <br />� <br />� <br />� <br />� <br />� SPRINGSTED i���� 14 <br />
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