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VIII. TAX INCREMENT FINANCING APPLICATION REVIEW <br />WORKSHEET- HOUSING PROJECTS <br /> <br /> <br /> <br />1. The project meets the criteria set forth in Section IV of the City’s Tax Increment <br />Financing policy. <br /> a) Meets minimum thresholds for size, value, and tax revenue. <br /> b) Meets at least one of the objectives in Section II and satisfies <br /> the provision set forth in Section III. <br /> c) Demonstrates need for TIF with the but-for analysis. <br /> e) Consistent with all city plans and ordinances. <br /> f) Serves at least two public purposes as defined in Section IV. <br /> <br />2. Ratio of Private to All Public Investment in Project: Points: _____ <br />$ Private investment 5:1 5 <br />$ Public Investment 4:1 4 <br /> Ratio Private : Public Financing 3:1 3 <br /> 2:1 2 <br /> Less than 2:1 1 <br /> <br />3. Job Creation in the City of Elk River: Points: _____ <br /> Number of new jobs as a result of the project. 20+ 5 <br /> Number of existing/retained jobs divided by 10. 15+ 4 <br /> Total 10+ 3 <br /> 5+ 2 <br /> Less than 5 1 <br /> <br />4. Wage Level of new jobs created/retained: Points: _____ <br />Minimum hourly wage Over $25/hour 5 <br />of jobs created/retained: $21-25/hour 4 <br /> $17-20/hour 3 <br /> $14-16/hour 2 <br /> Under $14/hour 1 <br /> <br />5. Market Value/Tax Base Generation: Points: <br />Project will result in an estimated <br />market value per unit $135,000/Unit 5 <br />(land and building)of $125,000/Unit 4 <br /> $115,000/Unit 3 <br /> $105,000/Unit 2 <br /> $ 95,000/Unit 1 <br /> <br /> <br />6. Project provides housing that is restricted Points: <br /> to persons 55 years and older: <br /> 3 <br /> <br />7. Project provides that at least 30% of the total units Points: <br />TO BE COMPLETED BY CITY STAFF