2000_1023_Packet - Laserfiche WebLink

Home

DRAFT ONLY Tax Increment Policv Purpose The City of Roseville Tax Increment Financing Policies are established to primarily enhance private sector employment growth and job retention, plus tax base expansion. Added priorities include: upgrading of obsolescent public and private facilities, remediation of pollution, provision for natural resource retention or remediation, expansion of life cycle and affordable housing renovation and new construction. It seeks to involve the community, the region, and other taxing jurisdictions in a fair and open process. The policy shall meet the requirements of Minnesota Statutes 469. It will be honest to its citizens, fair to all affected ta�ng districts, comprehensive in calculating its impact, open to public and governmental scrutiny and comment, and treat all applicants in a fair manner--yet, recognize that fair treatment may not necessarily be interpreted as equal treatment to all, due to the limited resources available. Scope SECTION 1. General Policv Statement. It is the City's policy to encourage and enhance individual choice in jobs and in housing to fit our citizens needs; to encourage and enhance economically strong, stable job producing commercial and industrial projects within the city which will create employment opportunities; to provide housing affordable to our residents; to provide life cycle housing opportunities; to provide for pollution abatement and soil correction; to protect and enhance natural resources; and to protect individual and community property values by redeveloping blighted buildings, land, and public infrastructure. The City will use tax increment financing investments onlv in verv snecific cases where a needed nublic obiective is identified and annroved and nrivate canital could not be attracted. to accomplish this obiective. The City will be proactive in forming government collaborations and leverage private investments in areas or sites where a project would not otherwise be financially feasible. To implement these general policies, it is also necessary to establish a policy regarding the orderly process ofplanning and budgeting to fulfill legal and operating requirements. Such a policy will provide fiscal guidance for elected offtcials, staff, and the community to set priorities and meet the needs of the citizens in a methodical and itnancially prudent manner. SECTION 2. Public Purpose Statement for Economic and Housing Development. The City Council shall consider the following public purpose issues after completion of an application by the developer: A The project shall meet the legislative criteria and intent for the use of tax increment subsidies. The figures supplied in the application shall be checked for accuracy. The School District and County shall be approached by the developer and presented with an application for their review. The City shall utilize the services of qualified advisors including but not limited to inde en ndent legal accountin¢. financial and vlannin advisors with development expertise to provide the City Council with additional project analysis. B. The developer shall demonstrate that the project as proposed cannot be built without the use of a public investment incentive; it is understood that these projects would not be financially feasible without tax increment assistance from the City. Assistance to promote community development objectives shall typically be in the form of pay- as-you-go tax increment financing. Each project will be evaluated on a case by case basis. The City Council reserves the right to provide up front subsidies for priority projects. II-33