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7.3. HRSR 01-05-2015
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7.3. HRSR 01-05-2015
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design, energy conservation,and decreasing capital and/or operating costs of <br /> local government. <br /> • To enhance and diversify the City of Elk River's economic base. <br /> • To significantly increase the City of Elk River's tax base. <br /> III. POLICIES FOR THE USE OF TIF <br /> a. When possible,TIF shall be used to finance public improvements associated <br /> with the project. The priority for the use of TIF funds is: <br /> 1. Public improvements,legal, administrative, and engineering costs. <br /> 2. Site preparation, site improvement,land purchase, and demolition. <br /> 3. Capitalized interest,bonding costs. <br /> b. It is the City's policy to establish the following types of TIF districts: <br /> 1. Economic Development Districts <br /> • It is desired that the project result in a minimum creation of <br /> one full time job per $25,000 of TIF, or <br /> • Result in a significant increase in the tax base. <br /> 2. Redevelopment Districts <br /> • The market value of a redeveloped site shall increase by a <br /> minimum of 50% of the current market value. <br /> 3. Housing Districts <br /> • May be considered on a case-by-case basis. <br /> Other types of TIF districts,along with specific criteria, may be considered <br /> on a case-by-case basis. <br /> c. TIF assistance will be provided to the developer upon receipt of the <br /> increment by the City, otherwise referred to as the pay-asyougo method. <br /> Requests for up front financing will be considered on a case-by-case basis. <br /> d. A maximum of ten percent (10%) of any tax increment received from the <br /> district may be retained by the City to reimburse administrative costs. <br /> e. Any developer receiving TIF assistance shall provide a minimum of ten <br /> percent (10%) owner cash equity investment in the project. <br /> f. TIF will not be used in circumstances where land and/or property price is in <br /> excess of fair market value. <br /> g. Developer shall be able to demonstrate a market demand for a proposed <br /> project. TIF shall not be used to support purely speculative projects. <br /> h. TIF will not be utilized in cases where it would create an unfair and <br /> significant competitive financial advantage over other projects in the area. <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 5 of 15 INAWRE <br />
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