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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />DRAFT MEMORANDUM – FOR DISCUSSION <br /> <br />TO: Members of the City Council <br /> Members of the HRA <br /> Calvin Portner, City Administrator <br /> Brian Beeman, Economic Development Director <br /> <br />FROM: Mikaela Huot, Vice President/Consultant <br /> <br />DATE: December 2, 2013 <br /> <br />SUBJECT: Policy Discussion and Facilitation for Joint HRA/City Council Meeting <br /> <br />The Elk River City Council and Housing and Redevelopment Authority (HRA) held a joint meeting on Monday, <br />November 4, 2013 to discuss the City’s existing tax increment financing (TIF) policy that was initially created in 1991 <br />and later amended in 2000 and 2006. The policy contains the purpose, objectives of tax increment financing, policies <br />for use of tax increment financing, project qualifications, application for TIF, and application review worksheet. The <br />policy lists many City objectives regarding the use of tax increment financing, including creation of affordable <br />housing; however the application review worksheet does not align with the scoring and review of potential housing <br />projects. As a result, the City Council has asked staff and Springsted to provide additional information regarding the <br />review of affordable housing projects that may include a policy and review worksheet update. The purpose of this <br />memo is to provide a summary of the results of the joint meeting that was held on Monday, November 4, 2013. <br /> <br />Generally a majority of the HRA and City Council members supported the inclusion of affordable housing in the City’s <br />tax increment financing policy. There was interest in creating life cycle and senior housing opportunities for the City’s <br />residents with the use of tax increment financing. Some members indicated a desire that any housing projects <br />receiving tax increment/ City assistance also needs to meet other objectives of the City including the following: <br /> <br /> Proximity to market area <br /> Assist commercial development <br /> Redevelopment of desired target areas <br /> Existing infrastructure <br /> <br />Springsted Incorporated <br />380 Jackson Street, Suite 300 <br />Saint Paul, MN 55101-2887 <br />Tel: 651-223-3000 <br />Fax: 651-223-3002 <br />www.springsted.com