Title
RESOLUTION APPROVING A POLICY ON DEVELOPMENT INCENTIVES FOR TAX INCREMENT FINANCING.
Body
CITY PROPOSAL SPONSORED BY COUNCILORS FORSMAN, RANDORF, AND KENNEDY:
WHEREAS, the city of Duluth is committed to promoting responsible economic development, enhancing the tax base, creating jobs, and eliminating blight in a manner that aligns with the city's comprehensive plan and development goals;
WHEREAS, tax increment financing ("TIF") is a valuable tool authorized under Minnesota Statutes, Sections 469.174 through 469.1799, which can assist the city in financing public improvements and encouraging private investment in targeted redevelopment areas;
WHEREAS, the city recognizes the need to establish a clear and transparent policy to guide the appropriate and effective use of TIF to ensure it is used only when necessary and in a manner that serves the public interest; and
WHEREAS, the purpose of this policy is to provide a framework for evaluating TIF proposals, ensure fiscal responsibility, and promote equitable and sustainable development throughout the city.
THEREFORE, BE IT RESOLVED, that the city of Duluth hereby adopts the policy on development incentives for tax increment financing, attached hereto as Exhibit A.
FURTHER RESOLVED, that all prior policies on development incentives for tax increment financing are hereby superseded.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to adopt a policy on development incentives for tax increment financing ("TIF"). The intent of this policy is to guide city staff in forming recommendations regarding the use of TIF and negotiating contract terms with developers; to provide a framework within which the city council and city administration can evaluate and compare proposed uses of TIF; and to inform the public of the city's position on the use of TIF and the process through which decisions regarding the use of the tool are made.
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