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City of <br /> Elk - Request for Action <br /> River O. <br /> To Item Number <br /> Housing and Redevelopment Authority 7.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business January 5, 2015 Jeremy Barnhart,Deputy Director, CODD <br /> Item Description Reviewed by <br /> Housing Tax Increment Financing (TIF) Policy <br /> Reviewed by <br /> Action Requested <br /> Review the Tax Increment Financing <br /> Background/Discussion <br /> Tax Increment Financing is the process by which the incremental taxes generated by a project (the <br /> difference between the tax value of the parcel before the project and the tax value of the parcel after the <br /> project) are returned to the project owner. A critical component of TIF financing is the 'but-or' analysis. <br /> In essence, but for the assistance, the project would not occur. <br /> In February, 2014, the HRA and City Council approved a new Housing TIF policy. This policy, <br /> patterned after, and incorporated in the City's TIF policy framework. To date,the only application <br /> received under this new policy was for Blackhawk Woods,where the application was withdrawn due to <br /> lack of support by the HRA and Council. <br /> It is appropriate to periodically review the policy, and the supporting score sheets,to ensure consistency <br /> with HRA goals. <br /> Staff provides the current policy, anticipating discussion at the annual meeting in February to initiate <br /> desired changes. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ TIF Policy <br /> pawIeE0 0 <br /> UREJ <br />