Laserfiche WebLink
UP " '< �, <br />f = A�� .1 `. I "►�I ��i'��� ��� 31"1 107 : C011RI1 � ��77Z�� <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 TIli 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 <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 jobs 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 />