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V. APPLICATION PROCESS FOR TIF <br /> 1. Applicant submits the completed application along with a non-refundable <br /> $10,000 application deposit. The application deposit will be used toward the <br /> cost of services provided in the evaluation of financial feasibility, establishment <br /> or modification of the TIF district, and preparation of legal documents and <br /> agreements. An additional deposit of$10,000 will be required for projects the <br /> require meeting statutory eminent domain and/or redevelopment substandard <br /> tests. Projects that demand professional services in excess of the initial deposit <br /> shall be required to reimburse the City for the additional expenses. <br /> 2. City staff reviews the application and completes the Application Review <br /> Worksheet. The Application and Application Review Worksheet is primarily <br /> designed to score the desirability of an industrial project. Redevelopment and <br /> Housing projects will be evaluated on a case-by-case basis and as the projects <br /> meet the city's desired objectives. <br /> 3. Results of the Worksheet are submitted to the appropriate governing authorities <br /> (EDA or HRA) for recommendation to the City Council of approval or denial <br /> of the request. <br /> 4. If preliminary approval is granted, the Tax Increment Financing Plan, along <br /> with all necessary notices,resolutions are prepared by City staff and/or <br /> consultants. <br /> 5. Notices are published and sent to the county and school board. <br /> 6. Public hearing(s) on the proposed request are held. <br /> 7. The City Council grants final approval or denial of the request. <br /> City of Elk River <br /> Tax Increment Policy&application <br /> Amended May 2006 Page 6 of 13 <br />