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2004_0920_Packet
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2004_0920_Packet
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(� 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 constructionvalue 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 />7� 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 <br />normally financed through general property taxation. <br />g� Other building, land or infrastructure uses or improvements allowed within State <br />Statutes469.175 which are approved by the City Council during the project review. <br />SECTION � Tax Increment Funds and � <br />All t�x increment revenues, after annual debt service requirements and direct project commitments <br />have been met, will be deposited into the TAX INCREMENT FL7ND. An annual summary of a11 TIF <br />districts will be compiled showing original base market value, increment collected, increment obligated <br />(debt, project costs, etc.) expenditures,prospective projects, and district cash balance. In districts <br />where excess increments have been generated and are not obligated to other districts or prospective <br />projects, the Council will evaluate overall financial policies to determine whether the district should be <br />closed or the excess increment deposited in the TAX INCREMENT FL7ND. The allocation of <br />revenues within this fund will be utilized as follows: <br />A. An EconomiclHousing Development Fund of 75% of tax increment revenues after debt <br />service shall be established to assist in maintaining the community's tax base; to provide for <br />economic stability and growth; to provide for maintaining and creating quality housing stock; to <br />enhance j ob creation within the community; to encourage and enhance economically strong, <br />stablej ob producing commercial and industrial projects within the city which will create <br />employment opportunities;to provide affordable housing; to provide a range of housing types <br />matching the variety of life styles and ages of our residents; to provide for pollution abatement <br />and soil correction; to protect and enhance natural resources; to protect individual and <br />community property values by redeveloping blighted buildings, land and public infrastructure; <br />and by creating a positive financial environmentto create innovative, neighborhood oriented <br />investments. <br />B. An InfrastructureImprovement Fund of 15 % of increment revenues after debt service shall <br />be established to assist the City in providing needed public facilities on a non-general <br />obligation debt basis. Infrastructure improvement investments should: <br />1� Remedy an outdated or inadequate parcel or land use layout, street or access system, <br />utility system, or drainage system by making more efficientuse of the property or <br />system, reducing City operating costs or facilitating increased use of property, or <br />facilitating increased property values and employment. <br />Page 4 City of Roseville Tax Increment Policy <br />ADOPTED 9/09�'96, Amended and Restated 2j10/97, Reprinted June 1999 <br />
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