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<br />" <br /> <br />,I <br />II <br />I <br /> <br />'I <br /> <br />.. <br /> <br />RESOLUTION NO 86~46 <br /> <br />!: <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION ESTABLISHING A TAX INCREMENT POLICY <br /> <br />,. <br />~ ~ <br /> <br />Whereas, Minnesota Statutes provides for the use of tax <br />increment financing; and <br /> <br />Whereas, the purpose of tax increment financing is to <br />promote, attract, and encourage economically sound development ani <br />redevelopment which will preserve or increase the City's tax <br />base and shall: <br /> <br />1. Redevelop or rehabilitate deteriorated areas of the City. <br />2. Create or enhance housing. <br />3. Promote economic development and provide employment <br />" opportunities. <br />i; <br /> <br />Whereas, the City Council wishes to preserve and expand the <br />quality of such projects and their associated benefits to the Cit . <br /> <br />Now, therefore be it resolved by the City Council that the <br />following criteria shall be used when considering the use of <br />; tax increment financing: <br /> <br /> <br /> 1. <br /> 2 . <br /> 3. <br /> 4. <br /> 5. <br />i' 6 . <br /> <br />Consistency with the City's Comprehensive Development <br />Plan and other codes and statutes.. <br />Compatibility with the neighborhood for which it is <br />proposed. <br />Impact on <br />Impact on <br />Impact on <br />Amenities <br /> <br />employment. <br />traffic. <br />municipal services. <br />made available to the <br /> <br />community. <br /> <br />Be it further resolved that the project developer and/or <br />owner m~y~be required to fur~ishthe following: <br /> <br /> <br />1. Market feasibility or statement of need. <br />2. A record of prior developments along with a list of <br />references. <br />3. A sources and uses statement which includes total <br />development costs and a cash flow projection. <br />4. A financial feasibility letter from an intended lender. <br />5. Financial statements which document the applicant's <br />capability to undertake the project. <br />6. Any other information deemed necessary. <br /> <br />Be it further resolved that the developer and/or owner shall I' <br />be required to execute assessment and development agreements and <br />provide completion bonds or equivalent guarantee in an amount to 'I <br />be determined by the City. . <br />i <br />Be it further resolved that the financing terms shall be I <br />determined on a project by project basis and such financing shall I <br />be structured so as to avoid a general tax levy. ! <br /> <br />Be it further resolved that the City shall select the bond <br />counsel and underwriters. <br /> <br />: i <br /> <br />;,j <br />