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5.0. 6.0. 7.0. 8.0. HRSR 03-27-2000
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5.0. 6.0. 7.0. 8.0. HRSR 03-27-2000
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• not qualify based upon the rating method, tax abatement may be a potential <br /> financing alternative. <br /> At its February meeting, the EDA reviewed a draft of the proposed policy <br /> modifications, provided comments and recommendations on the policy, and <br /> directed staff to complete the modifications for a public hearing and final <br /> approval. On March 13, 2000 the EDA and City Council held public hearings <br /> on the revisions and then adopted the new policies. <br /> Action Requested <br /> Staff recommends that the HRA consider any input provided at the public <br /> hearing and then adopt the revised TIF policies. <br /> 7. Tax Abatement (Tax Rebate Financing) Policy <br /> As directed by the EDA at the March 13 meeting, staff has completed a <br /> draft of a tax abatement policy. Tax abatement differs from TIF primarily <br /> in that each political body is given the option to "abate" its portion of the <br /> project's property taxes. Generally, this will result in less dollars being <br /> generated for the project than with TIF, although abatement is easier and <br /> less costly to administer. <br /> The tax abatement policies that staff has drafted are very similar to the <br /> • revised TIF policy, and also include a ratings worksheet. The tax <br /> abatement policy emphasizes industrial development, however, certain <br /> redevelopment and commercial projects will be eligible to utilize tax <br /> abatement as well. The use of tax abatement for residential projects is not <br /> allowed under the proposed policies. However, it is staff's recommendation <br /> that a separate set of residential criteria be drafted for the use of tax <br /> abatement in certain situations. <br /> The primary difference between the two policies is that no minimum <br /> threshold for building value or size is stipulated in the tax abatement <br /> policy. This is due to the fact that the smaller amount of dollars generated <br /> with tax abatement, combined with less administrative time and costs, <br /> will make tax abatement more appropriate for smaller scale projects. <br /> It should also be noted that staff is proposing that tax abatement be <br /> referred to as Tax Rebate Financing (TRF), which more accurately reflects <br /> how the tool functions. Sherburne County, which is also drafting a tax <br /> abatement policy, is considering a similar name modification to avoid <br /> confusing the tool with other, more established forms of tax abatement. <br /> • <br />
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