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Housing and Redevelopment Strategic Plan, among others. <br /> <br /> <br />Removal of blight or the rehabilitation of a high profile or priority <br />site. <br /> <br />V. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br />All developers/businesses receiving Tax Increment assistance from the City of Elk <br />River shall may be subject to the provisions and requirements set forth by the City’s <br />Business Subsidy Policy as amended and Minnesota Statutes Sections 116J.993 to <br />116J.995 (the “Minnesota Business Subsidy Law”). <br /> <br /> <br />VI. APPLICATION PROCESS FOR TIF <br />1 <br />. Applicant submits the completed application along with a $10,000 application <br />deposit, to be refunded for any portions not utilized if the tax increment project <br />does not proceed. The application deposit will be used toward the cost of <br />services provided in the evaluation of financial feasibility, establishment or <br />modification of the TIF district, and preparation of legal documents and <br />agreements. An additional deposit of $10,000 will be required for projects that <br />require meeting statutory eminent domain and/or redevelopment substandard <br />tests. Projects that demand professional services in excess of the initial deposit <br />shall be required to reimburse the City for the additional expenses. <br /> <br /> <br />2.City staff reviews the application and completes the Commercial-Industrial <br />and/or Housing Worksheets. The Application and Commercial-Industrial <br />and/or Housing Worksheets are primarily designed to score the desirability of <br />the proposed project. Industrial, Redevelopment and Housing projects will be <br />evaluated on a case-by-case basis and as the projects meet the city’s desired <br />objectives. <br /> <br /> <br />3.Results of the Commercial-Industrial and/or Housing Worksheets are <br />submitted to the appropriate governing authorities (EDA or HRA) for <br />recommendation to the City Council of approval or denial of the request. <br /> <br /> <br />4.If preliminary approval is granted, the Tax Increment Financing Plan, along <br />with all necessary notices, resolutions are prepared by City staff and/or <br />consultants. <br /> <br /> <br />5.Notices are published and sent to the county and school board. <br /> <br /> <br />6.Public hearing(s) on the proposed request are held. <br /> <br /> <br />7.The City Council grants final approval or denial of the request. <br /> <br />City of Elk River Tax Increment Financing Policy & Application- Housing <br />Amended April 8 2015 <br />Page 6 of 14 <br /> <br />