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Springsted Incorporated <br /> 380 Jackson Street, Suite 300 <br /> Saint Paul,MN 55101-2887 <br /> Springsted <br /> Tel: 651-223-3000 <br /> Fax: 651-223-3002 <br /> www.springsted.com <br /> DRAFT MEMORANDUM — FOR DISCUSSION <br /> TO: Members of the City Council <br /> Members of the HRA <br /> Calvin Portner, City Administrator <br /> Brian Beeman, Economic Development Director <br /> FROM: Mikaela Huot,Vice President/Consultant <br /> DATE: October 31, 2013 <br /> SUBJECT: Policy Discussion and Facilitation for Joint HRA/City Council Meeting <br /> The City of Elk River has a tax increment financing (TIF)policy initially created in 1991 and later amended in 2000 <br /> and 2006. The policy contains the purpose,objectives of tax increment financing, policies for use of tax increment <br /> financing, project qualifications, application for TIF, and application review worksheet. The policy lists many City <br /> objectives regarding the use of tax increment financing, including creation of affordable housing; however the <br /> application review worksheet does not align with the scoring and review of potential housing projects. As a result,the <br /> City Council has asked staff and Springsted to provide additional information regarding the review of affordable <br /> housing projects that may include a policy and review worksheet update. The purpose of this memo is to serve as a <br /> cover for the additional information being provided for the City Council and HRA members to consider in advance of <br /> the joint meeting scheduled for Monday, November 4,2013 at 5:45pm. <br /> 1. Current City TIF Policy <br /> 2. Other City TIF Policies that include housing as an objective <br /> 3. Sample Housing Rating Worksheet <br /> 4. Affordable Housing Considerations <br /> Issues to consider in conjunction with housing and affordable housing: <br /> 1. Type of affordable housing <br /> a. Owner-occupied <br /> b. Multi-family <br /> c. Senior <br />