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Burnsville Development Tools Criteria and Public Financing Policy Page 2 <br />D. The criteria contained herein shall be used in conjunction with other relevant <br />policies of the City. Compliance with the Development Tools Policy shall <br />not automatically mean compliance with such separate policies. <br />E. The City, at its sole discretion, may deviate from the job and wage goals <br />criteria outlined in Section 5 D, E, and F below by documenting in writing <br />the reason(s) for the deviation. The documentation shall be submitted to <br />DEED with the next annual report. <br />F. The City may amend this document at any time. Amendments to this Policy <br />are subject to public hearing requirements contained in the Statutes. <br />2.CITY’S OBJECTIVE FOR THE USE OF PUBLIC FINANCING: <br />A.As a matter of adopted policy, the City may consider using public financial <br />assistance which may include tax increment financing (TIF), tax abatement, <br />and other forms of public financing as appropriate, to assist private <br />development projects. Such assistance must comply with all applicable <br />statutory requirements and accomplish one or more of the following <br />objectives: <br />1.Remove blight and/or encourage redevelopment in designated <br />redevelopment/development area(s) per the goals and visions <br />established by the City. <br />2.Expand and diversify the local economy and tax base. <br />3.Enhance the City’s position as a regional destination <br />4.Encourage additional unsubsidized private development in the area, <br />either directly or through secondary “spin-off” development. <br />5.Offset increased costs for redevelopment over and above the costs <br />that a developer would incur in normal urban and suburban <br />development (determined as part of the But-For analysis). <br />6.Facilitate the development process and promote development on <br />sites that could not be developed without this assistance. <br />7.Retain local jobs and/or increase the number and diversity of quality <br />jobs <br />8.Provide opportunities for small businesses and/or entrepreneurs and <br />promote resident economic stability. <br />9.Meet other uses of public policy, as adopted by the City from time to <br />time, including but not limited to promotion of quality urban design, <br />quality architectural design, energy conservation, sustainable <br />building practices, and decreasing the capital and operating costs of <br />local government.