What is the appropriate level of public participation? What are the risks associated with the project? What are the alternative plans for managing the risk? How does the proposed project finance plan compare with previously approved comparable projects? What is the project's impact on other publicly financed projects? The results of the economic analysis and risk assessment will be presented to the City Council at the time of the request for approval of the proposed use of tax increment financing.
The report will identify any elements of the proposed project that are not in conformance with this Tax Increment Policy. Evaluation criteria The following items will be taken into consideration in the evaluation of any development proposal requesting tax increment assistance.
Need For Public Assistance In all cases, it is required that the need for public assistance be demonstrated and documented by the developer to the satisfaction of the City Finance Department.
All such documentation, including development budgets, cash flow projections, market studies and other financial and market information, must be submitted by the developer along with an application for public financial assistance. If the request is based on financial gap considerations, the developer will demonstrate the profitability and feasibility of the project i.
Amount of Public Assistance versus Private Investment - All development proposals should seek to maximize the amount of private investment per dollar of public assistance. Public assistance as a percentage of total development costs will be determined for each project or discrete portion of a project receiving a subsidy and compared to other development projects or subprojects of similar scope and magnitude whenever possible.
Term of Public Assistance —The term of the public assistance shall be kept to a minimum. The proposed term of any public assistance shall be fully documented and explained to the City Council. Development Benefits and Costs — The direct and indirect benefits of the development proposal shall be determined and quantified to the degree possible.
Planning We will decide how to staff the pilot programs and which partners to involve. June Approved funding Mayor and City Council approved funding for: Pilot Testing alternative response models for: Mental health crisis calls Report-only calls. Gave recommendations The Office of Performance and Innovation gave: Recommendations Alternative response models that should move forward to on-the-ground pilot phase.
Completed survey and model planning The Office of Performance and Innovation: Completed a community survey Began community model planning for alternative response for: Mental health calls Report-only calls.
Formed work group We formed a work group to: Analyze data Decide which types of calls we could test for alternative response.
Monday — Friday. Minneapolis Email Minneapolis Phone or TTY The designated loan fund will receive the interest income and the appropriate debt service fund will be used to record the loan principal and interest payments. The loan balance between the designated loan fund and the debt service fund will be adjusted each year based on loan principal paid.
Internal loans related to Housing Improvements Areas are not subject to the interest rate restrictions set forth above. A separate resolution will be required to be adopted by the City Council authorizing the loan in lieu of refunding bonds. Sufficient funds shall be appropriated to pay debt service requirements and the Finance Officer shall be authorized to adjust appropriations to provide for prepayments, loans, transfers and other debt administration costs as necessary.
This policy establishes the documentation requirements and management actions the City will perform to ensure compliance with the Internal Revenue Code and Treasury Regulations.
The investment earnings from unspent bond proceeds shall be accounted for in separate arbitrage funds and will be allocated to debt service on net debt bond issues and shall be transferred on the scheduled debt service payment dates. The exception to this is that investment earnings on unspent tax increment bonds are to be used only for tax increment-eligible purposes related to that specific tax increment bond issue.
The annual capital budget resolution constitutes an official declaration pursuant to IRS Treasury Regulations Section 1. The expenditures to be reimbursed include all preliminary expenses for planning, design, legal, consulting services and staff costs reasonably allocated to the project as well as costs incurred and paid for related to the design and construction of the projects after approval of the capital budget.
In addition, the City hereby declares its official intent to reimburse itself for expenditures for projects described as bond funded in the annual adopted capital resolution as amended by subsequent related resolutions. The projects are more fully described on Capital Budget Request forms. The reasonably expected source of funds to pay debt service on the tax-exempt bonds to be issued by the City consists of the following according to the designated bond type:.
The Finance Officer is authorized to make additional declarations of official reimbursement intent to reimburse expenditures in connection with the projects described herein and other projects for which the City plans to issue tax-exempt bonds to reimburse expenditures pursuant to IRS Treasury Regulations Section 1. Copies of any such further declarations shall be filed with the Policy and Government Oversight Committee and the Board of Estimate and Taxation.
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