HomeMy WebLinkAbout5. Economic Development Element .
ECONOMIC DEVELOPMENT ELENIENT
Objectives °
1. Provide opportunities for the attraction of new 3. Insure that publicly assisted economic
business and the retention of existing business development projects meet established criteria
as means to expand employment opportunities that guazantee public benefit.
and increase/diversify the City's tax base. 4. Coordinate economic development
2. Stimulate the redevelopment of underutilized, activities/programs with other public agencies,
blighted, or obsolete land uses.
ECONOMIC DEVELOPMENT POLICIES
In adddtion to applicable residential policies, the following are the City's policies for natural resaurce
protectian with Planned Residential PUDs:
l. To promote public financial 5. To require developer financial guarantees as
assistance/incentives and/or make part of redevelopment agreements as the first
infrastructure available for projects that line of defense against project failure. In
eliminate blight, increase or retain other words, the developer should guarantee
predominantly full-time professional, that payments in lieu of tax increments will be
technical, and managerial employment or made by the developer in the event of a
retain existing viable businesses. shortfall.
2. To avoid public financial assistance for any 6. To actively identify redevelopment needs
business relocating or expanding where the and initiate projects which meet the City's
assistance alone makes retention of the qualifying criteria.
business viable. 7. To communicate regularly and effectively
3. To make public�nancial assistance available with Dakota county and the Rosemount
for economic development only when it can School District whenever tax increment
be demonstrated that the project would not be financing is to be used.
feasible without public assistance. 8. To pursue changes to the law when the State
4. To make public financial assistance available Legislature to allow for pollution remediation.
only when a project can be proven to be
financially feasible and will produce long-term
tax base benefits which exceed public costs.
CITY OF ROSEMOUNT ' JANUARY, 1 93
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