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CITY OF ELK RIVER <br /> <br />DEVELOPMENT AC COUNT GUIDELINES <br /> <br />L <br /> <br />IL <br /> <br />Purpose: <br /> <br />The City of Elk River ("City") has established a Development Account to <br />assist in providing a source of funding to be used to foster and promote <br />development and redevelopment activities within the City of Elk River. The <br />Development Account is a revolving fund established by the City Council and <br />administered through recommendations by the Elk River Economic <br />Development Authority ("Authority"). The City Council shall review <br />recommendations from the Authority on modifications of these guidelines and <br />applications for use of funds. <br /> <br />The Development Account is intended to provide an ongoing source of <br />funding to be used to reduce the need for, or extend the long-term debt issued <br />in connection with, the City's economic development activities. The <br />Development Account also serves as a centralized funding source to provide <br />financial overview and control in connection with assisted projects and <br />programs. <br /> <br />The purpose of these Guidelines is to set forth in general terms requirements <br />regarding the funding of the Development Account and its use as an <br />economic development tool. <br /> <br />Funding of Development Account: <br /> <br />The source of funds used to create and to maintain the Development Account <br />consists generally of the proceeds from the repayment of loans made from the <br />Development Account, other project revenues including payments received <br />from the sale of real and personal property, recycled federal and state grants, <br />and other funds as designated from time to time by the City or recommended <br />to the City by the Board of Commissions of the Authority. In particular, the <br />following sources may be used to fund and maintain the Development <br />Account. <br /> <br />A. Interest earnings on various projects and program accounts; <br /> <br />Proceeds from the sale or resale of real and personal property in <br />connection with development and redevelopment projects; <br /> <br />Co <br /> <br />Income derived from the repayment of loans and grants under various <br />county, state, and federal loan and grant programs, including the <br />Federal Economic Development Grant Program and the Federal <br />Community Development Block Grant Program; <br /> <br />D. Fees derived from the sale of bonds for private development; <br /> <br />E. Annual tax levy. <br /> <br /> <br />