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2000_0710_packet
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2000_0710_packet
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Roseville City Council
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Council Agenda/Packets
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N'. The project shall enhance adjoining properties and create opportunities for further development. When an <br />environmental problem exists within a proposed project the developer shall reduce, correct, or eliminate said <br />problem(s) on the site. <br />G. The project shall be compatible with the adjacent and nearby land uses, and shall be consistent with the City's <br />Comprehensive Plan and zoning regulations. <br />H. The quality of the proposed building and site improvements shall meet or exceed City standards. <br />L Project finaztcing utilizing TIF shall consider alternative equity sources, the barriers to private sector involvement <br />which make necessary the use of TIP, and the project and financial 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 activities. Such <br />incentives may be used by the City to adequately compete with other communities to retain and/or expand head of <br />household jobs when growth requires a building expansion or plant and equipment update. <br />Loans may only be considered as an incentive if tax increment is insufficient to create adequate tax increment <br />to support the project and shall demonstrate and provide surety and security as described in Subsection I. <br />above. <br />ii. Applicants seeking loans shall demonstrate that a local bank will provide at least 50% of the funds and agree <br />to: a) share all underwriting information and, b) service both the bank and City loans. <br />m. The loan term shall be for no more than 8 years. The City interest rate shall be the City's average earned <br />interest on investments for the previous 12 months. <br />iv. Applications for loans shall use the City taY increment application form and shall include all bank loan <br />application documentaYion. <br />K. Tax increment may be used for the following purposes: <br />Replacement or cleanup of contaminated soils that would preclude development (as defined by the Minnesota <br />Pollution Control Agency). <br />ii. Reclamation of existing urban area unbuildable soils <br />in. Replacement or correction of overburdened or aged City or County roads, sewers, or other public utilities, <br />services, or parks which generally serve the proposed development site. <br />iv. Removal and/or replacement of buildings and structures that are blighted, abandoned, or tra�c obstructions <br />in a project area where at least 50% of the buildings are substandard and require either substantial renovation <br />or clearance. `Blighted" structures shall be detined as structures which have a market value that is less than <br />50% of the average square foot market value (as determined by the current year's County Assessor's records) <br />of structures within a 500 foot radius of the "blighted" structure. <br />v. Construction subsidy of, or rent subsidy for, low income housing of all types. <br />vl. Construction subsidies equivalent to up to ten'( 10) years property taYes for commercial, industrial, or <br />multifamily structures which, because of their high quality materials, design, and construction, will have a <br />construction value of at least 133% of the current year average building valuation for similar occupancies as <br />published by the Minnesota Building Code Office. <br />vii. Public infrastructure projects of a local or regional nature (which are located in or cross through the city) that <br />benefit the site or future development potential but are not normally financed through general property <br />taYation. <br />�in. Other building, land, or infrastructure uses or improvements allowed within State StaYutes 469.175 that are <br />approved by the City Council during the project review. <br />SECTION 3. Tax Increment Funds and Policies. All tax increment revenues, after annual debt service requirements and direct <br />project commitments have been met, will be deposited into the TAX INCREMENT FLTND. An annual financial renort shall be <br />comviled in a manner as established bv Minnesota State Statutes which will be made available nubliclv as well as filed with the <br />Office of the State Auditor.. In districts where increments have been generated and are not obligated to-oav-as vou—eo nroiect�, <br />debtrevavment_or to other districts, the Council will evaluate overall financial policies to determine the arlvance navment �f <br />outstandin¢ debt district clns�ire nr the �ise nf the funds fnr allnwahle proiects. <br />
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