7.1. SR 05-05-2014 - Laserfiche WebLink

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Elk River Comprehensive Plan The community development section is, to some degree, the sum of all the other parts in the Comprehensive Plan. The process of discovery that is required to complete the Comprehensive Plan provides a basis for current and future City leaders to decide things like what, if anything, should the City of Elk River do to help facilitate business and /or residential growth. In addition, this section aims to outline planning activities that should be undertaken in achieving the current economic development goals of the City of Elk River. One of the current goals of the City is to "foster a pro - business atmosphere that provides incentives and other opportunities for new and existing business growth ". Three aspects of Elk River's future that require particular attention and action by the City include: Expanding the tax base Attracting jobs Encouraging redevelopment These actions remain the three key aspects for the 2013 Comprehensive Plan Advisory Committees. Expanding the Tax Base Property taxes remain the largest source of revenue for the City of Elk River. In fact, roughly three - fourths of the City's budget is derived from property taxes. While all forms of development contribute tax base to the community, it can be risky to place too much weight on tax base growth as a strategy. A lack of local control over the critical elements of the tax system is cited as the main reason for the risk. Chart12 -1: Tax Base $30,000,000 $25,000,000 $20,000,000 $15,000,000 2010 2011 ■ 2012 $10,000,000 ■ 2013* $5,000,000 $0 Gross Net Tax Less Captured Tax Net Tax Capacity Tax Levy Capacity Increment for Levy ($5,000,000) Source: City of Elk River, WSB & Associates, Inc. 124 / Chapter 12: Community Development