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III. <br /> <br />IV. <br /> <br />F. Administrative fees from Tax Increment Districts. <br /> <br />Other funds may from time to time be directed to be placed in the <br />Development Account by action of the City and/or Authority. The City <br />Administrator and Authority's Executive Director shall take all actions <br />necessary to sustain and maintain the balance in the Development Account. <br /> <br />Use of Development Account <br /> <br />As a matter of policy, the Development Account will only be used to assist <br />proposed projects which meet one or more of the following objectives. <br /> <br />ho <br /> <br />To increase the tax base of the city in order to ensure the long-term <br />ability of the city to provide adequate services for its residents while <br />lessening the reliance on residential property tax. <br /> <br />Bo <br /> <br />To retain local jobs, increase the local job base, and provide diversity <br />in that job base. <br /> <br />Co <br /> <br />To increase the local industrial market potential of the City of Elk <br />River. <br /> <br />Do <br /> <br />To induce development in the industrial/business park areas of the <br />city in order to encourage high levels of property maintenance and <br />private reinvestment in those areas. <br /> <br />To accelerate the industrial development process and to achieve <br />development on sites which would not be developed without this <br />assistance. <br /> <br />Fo <br /> <br />To redevelop blighted or underutilized areas of the community into <br />viable commercial and/or industrial uses. <br /> <br />Go <br /> <br />To encourage additional unsubsidized private industrial/business park <br />development or redevelopment in the area either directly or through <br />secondary "spin-off' development. <br /> <br />To offset extraordinary costs of industrial/business park <br />development/redevelopment over and above those which a developer <br />might incur in typical market driven urban and suburban <br />development. <br /> <br />Additional Guidelines <br /> <br />The following guidehnes will be adhered to with regard to the use of <br />funds from the Development Account. <br /> <br />ho <br /> <br />The types of uses of the Development Account will include, but <br />not be bruited to, the following: (i) the making of loans at <br />interest rates below or at market rates of interest in order to <br /> <br /> <br />