7.0. EDSR 04-10-2006 - Laserfiche WebLink

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I. POLICY PURPOSE For the purposes of this document, the term `Wily"shall include the Elk Ktver City Counczl, Economic Development Authority, and Housing and AedevelopmentAuthority. The purpose of this policy is to establish the City of Elk River's position relating to the use of Tax Increment Financing (TIF) fox private development above and beyond the xequuements and limitations set forth by State Law. This policy shall be used as a guide in the processing and review of applications requesting tax increment assistance. The fundamental purpose of tax increment fmancing in Elk River is to encourage desirable development or redevelopment that would not otherwise occur but for the assistance provided through TIF. The City of Elk River is granted the power to utilize TIF by the Minnesota Tax Increment Financing Act, as amended. It is the intent of the City to provide the minimum amount of TIF, as well as other incentives, at the shortest term required fox the project to proceed. The City reserves the right to approve or reject projects on a case by case basis, taking into consideration established policies, project criteria, and demand on city services in relation to the potential benefits from the project. Meeting policy criteria does not guarantee the award of TIF to the project. Approval ox denial of one project is not intended to set precedent fax approval ox denial of another project. II. OBJECTIVES OF TAX INCREMENT FINANCING As a matter of adopted policy, the City will consider using TIF to assist private development projects to achieve one ox more of the following objectives: • To retain local jobs and/or increase the number and diversity of jobs that offer stable employment and/ox attractive wages and benefits as defined in the City's Business Subsidy Policy. • To encourage additional unsubsidized private development in the area, either directly ox indirectly through "spin ofP' development. • To facilitate the development process and to achieve development on sites which would not be developed without TIF assistance. • To remove blight and/ox encourage redevelopment of commercial and industrial areas in the city that result in high quality redevelopment and private reinvestment. • To offset increased costs of redevelopment (i.e. contaminated site clean up) over and above the costs normally incurred in development. • To create opportunities for affordable housing. • To contribute to the implementation of other public policies, as adopted by the city from time to time, such as the promotion of quality urban ox architectural design, energy conservation, and decreasing capital and/ox operating costs of local government. Ciry of Elk River Tax Increment Policy & Application 1" Draft Modified Apri12006 Page3of14