6.0. SR 02-02-1998 - Laserfiche WebLink

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III. IV. E. Fees derived from the sale vonds for private development; F. Annual tax levy. o Other funds may from time to time be directed to be placed in th~/~/ ~ Development Account by action of the City and/or Authority. The City Administrator and Authority's Executive Director sl~all take all actions necessary to sustain and maintain the balance in the Development Account. Use of Development Account As a matter of policy, the Development Account will only be used to assist proposed projects which meet one or more of the following objectives. To increase the tax base of the city in order to ensure the long-term ability of the city to provide adequate services for its residents while lessening the reliance on residential property tax. To retain local jobs, increase the local job base, and provide diversity in that job base. Co To increase the local industrial market potential of the City of Elk River. Do To induce development in the industrial/business park areas of the city in order to encourage high levels of property maintenance and private reinvestment in those areas. To accelerate the industrial development process and to achieve development on sites which would not be developed without this assistance. Fo To redevelop blighted or underutilized areas of the community into viable commercial and/or industrial uses. To encourage additional unsubsidized private industrial/business park development or redevelopment in the area either directly or through secondary "spin-off' development. II. To offset extraordinary costs of industrial/business park development/redevelopment over and above those which a developer might incur in typical market driven urban and suburban development. Additional Guidelines The following guidelines will be adhered to with regard to the use of funds from the Development Account.