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7.3. HRSR 01-05-2015
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7.3. HRSR 01-05-2015
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12/31/2014 10:07:24 AM
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City Government
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HRSR
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1/5/2015
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I. POLICY PURPOSE <br /> For the purposes of this document, the term "City"sball include the Elk River City Council, Economic <br /> Development Autbority, and Housing and Redevelopment Autbority. <br /> The purpose of this policy is to establish the City of Elk River's position relating to the <br /> use of Tax Increment Financing (TIF) for private development above and beyond the <br /> requirements and limitations set forth by State Law. This policy shall be used as a guide <br /> in the processing and review of applications requesting tax increment assistance. The <br /> fundamental purpose of tax increment financing in Elk River is to encourage desirable <br /> development or redevelopment that would not otherwise occur but for the assistance <br /> provided through TIF. <br /> The City of Elk River is granted the power to utilize TIF by the Minnesota Tax <br /> Increment Financing Act, as amended. It is the intent of the City to provide the <br /> minimum amount of TIF, as well as other incentives, at the shortest term required for <br /> the project to proceed. The City reserves the right to approve or reject projects on a <br /> case by case basis, taking into consideration established policies,project criteria, and <br /> demand on city services in relation to the potential benefits from the project. Meeting <br /> policy criteria does not guarantee the award of TIF to the project.Approval or denial of <br /> one project is not intended to set precedent for approval or denial of another project. <br /> II. OBJECTIVES OF TAX INCREMENT FINANCING <br /> As a matter of adopted policy,the City will consider using TIF to assist private <br /> development projects to achieve one or more of the following objectives: <br /> • To retain local jobs and/or increase the number and diversity of jobs that offer <br /> stable employment and/or attractive wages and benefits as defined in the City's <br /> Business Subsidy Policy. <br /> • To encourage additional unsubsidized private development in the area, either <br /> directly or indirectly through "spin off' development. <br /> • To facilitate the development process and to achieve development on sites <br /> which would not be developed without TIF assistance. <br /> • To remove blight and/or encourage redevelopment of commercial and <br /> industrial areas in the city that result in high quality redevelopment and private <br /> reinvestment. <br /> • To offset increased costs of redevelopment (i.e. contaminated site clean up) <br /> over and above the costs normally incurred in development. <br /> • To create opportunities for affordable housing. <br /> • To contribute to the implementation of other public policies, as adopted by the <br /> city from time to time, such as the promotion of quality urban or architectural <br /> City of Elk River Tax Increment Financing Policy&Application p 0 W E R E 0 0 r <br /> Amended February 2014 <br /> Page 4 of 15 INAWRE <br />
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