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I. POLICY PURPOSE <br /> For the purposes of this document, the term"City"shall include the Elk River City <br /> Council, Economic Development Authority, and Housing and Redevelopment Authority. <br /> • The purpose of this policy is to establish the City of Elk River's position <br /> relating to the use of Tax Increment Financing (TIF) for private <br /> development above and beyond the requirements and limitations set forth <br /> by State Law. This policy shall be used as a guide in the processing and <br /> review of applications requesting tax increment assistance. The <br /> fundamental purpose of tax increment financing in Elk River is to <br /> encourage desirable development or redevelopment that would not <br /> otherwise occur but for the assistance provided through TIF. <br /> The City of Elk River is granted the power to utilize TIF by the Minnesota <br /> Tax Increment Financing Act, as amended. It is the intent of the City to <br /> provide the minimum amount of TIF at the shortest term required for the <br /> project to proceed. The City reserves the right to approve or reject <br /> projects on a case by case basis, taking into consideration established <br /> policies, project criteria, and demand on city services in relation to the <br /> potential benefits from the project. Meeting policy criteria does not <br /> guarantee the award of TIF to the project. Approval or denial of one <br /> project is not intended to set precedent for approval or denial of another <br /> project. <br /> II. OBJECTIVES OF TAX INCREMENT FINANCING <br /> • As a matter of adopted policy, the City will consider using TIF to assist <br /> private development projects to achieve one or more of the following <br /> objectives: <br /> • To retain local jobs and/or increase the number and diversity of <br /> jobs that offer stable employment and/or attractive wages and <br /> benefits. <br /> • To encourage additional unsubsidized private development in the <br /> area, either directly or indirectly through "spin off' development. <br /> • To facilitate the development process and to achieve development <br /> on sites which would not be developed without TIF assistance. <br /> • To remove blight and/or encourage redevelopment of commercial <br /> and industrial areas in the city that result in high quality <br /> redevelopment and private reinvestment. <br /> • To offset increased costs of redevelopment (i.e. contaminated site <br /> clean up) over and above the costs normally incurred in <br /> development. <br /> • • To create opportunities for affordable housing. <br /> 3 <br />