Laserfiche WebLink
TAX INCREMENT FINANCING APPLICATION REVIEW <br /> WORKSHEET- HOUSING PROJECTS: <br /> BLACKHAWK WOODS SENIOR HOUSING PROJECT <br /> TO BE COMPLETED BY CITY STAFF <br /> 1. The project meets the criteria set forth in Section IV of the City's Tax Increment <br /> Financing policy. <br /> X a) Meets minimum thresholds for size,value, and tax revenue. <br /> X b) Meets at least one of the objectives in Section II and satisfies <br /> all of the provisions set forth in Section III. <br /> X c) Demonstrates need for TIF with the but-for analysis. <br /> X d) Consistent with all city plans and ordinances. <br /> X e) Serves at least two public purposes as defined in Section IV (f). <br /> 2. Ratio of Private to All Public Investment in Project: Points: 5 <br /> $9,077,786 Private investment 5:1 5 <br /> $996,871 Public Investment 4:1 4 <br /> 9:1 Ratio Private: Public Financing 3:1 3 <br /> 2:1 2 <br /> Less than 2:1 1 <br /> 3. Job Creation in the City of Elk River: Points: 1 <br /> 3 Number of new jobs as a result of the project. 20+ 5 <br /> Number of existing/retained jobs divided by 2. 15+ 4 <br /> 3 Total 10+ 3 <br /> 5+ 2 <br /> Less than 5 1 <br /> 4. Wage Level of new jobs created/retained: Points: 5 <br /> Minimum hourly wage Over $25/hour 5 <br /> of As created/retained: $25.00 $21-25/hour 4 <br /> $17-20/hour 3 <br /> $14-16/hour 2 <br /> Under$14/hour 1 <br /> 5. Market Value/Tax Base Generation: Points: 1 <br /> Project will result in an estimated <br /> market value per unit $135,000/Unit 5 <br /> (land and building) of $97,000 $125,000/Unit 4 <br /> $115,000/Unit 3 <br /> $105,000/Unit 2 <br /> $ 95,000/Unit 1 <br /> 6. Project provides housing that is restricted Points: 5 <br /> to persons 55 years and older: <br /> 5 <br />