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L Proj ect financing utilizing TIF sha11 consider alternative equity sources, the barriers to private <br />sector involvement which make necessary the use of TIF, and the proj ect and financial <br />guarantees 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 j obs when growth requires a building <br />expansion or plant and equipment update. <br />l� Loans may only be considered as an incentive if t�x increment is insuff`icient to create <br />adequate t� increment to support the proj ect and sha11 demonstrate and provide surety <br />and security as described in Subsection I. above. <br />2� Applicants seeking loans sha11 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 />3� The loan term sha11 be for no more than 8 years. The City interestrate sha11 be the <br />City's a�erage eamed interest on investments for the previous 12months. <br />4� Applications for loans sha11 use the City tax increment applicationform and sha11 <br />include a11 bank loan application documentation. <br />K. Tax increment may be used for the following purposes: <br />k� Replacement or cleanup of contaminated soils which would preclude development (as <br />defined by the Minnesota Pollution Control Agency). <br />�} Reclamation of existing urban area unbuildable soils. <br />�� Replacement or correction of overburdened or aged City ar County roads, sewers, or <br />other public utilities, services, or parks which generally serve the proposed development <br />site. <br />�} Removal and/or replacement of buildings and structureswhich are blighted, abandoned, <br />or traffic obstructions in a proj ect area where at least 50% of the buildings are <br />substandard and require either substantial renovation or clearance. "Blighted" structures <br />sha11 be defined as structureswhich have a market value that is less than 50% of the <br />a�erage square foot market value (as determined by the current year's County Assessor's <br />records) of structures witl�in a 500 foot radius of the "blighted" structure. <br />�� Construction subsidy of, or rent subsidy for, low income housing of all types. <br />Page .� City of Roseville Tax Increment Policy <br />ADOPTED 9/09/96, Amended and Restated 2/10/97, Reprinted June 1999 <br />