Laserfiche WebLink
Tax abatement is a relatively new economic development finance tool to the City of <br /> Elk River. The attached Tax Rebate Financing Policy was adopted by City Council <br /> action on April 10, 2000. The City's first use of the tax rebate program was used <br /> shortly thereafter in May 2000. <br /> A Tax Increment Financing Policy was adopted by the City Council in August 1991. <br /> In March 2000, the attached TIF Policy was revised to comply with new state statutes <br /> and to more clearly state the City's position for the use of TIF. <br /> The primary purpose of these finance tools continues to be to encourage desirable <br /> development or redevelopment that would not otherwise occur but for the assistance <br /> provided. Staff feels the tax increment financing and tax abatement programs have <br /> proven to be significant economic development finance tools for the City of Elk River <br /> over the past couple of years. It is appropriate for the City to review its policies for <br /> these two programs on a regular basis to comply with statutory changes and to reflect <br /> the development priorities of the City of Elk River. <br /> It is anticipated that this worksession will last between 60 and 90 minutes. <br /> Attachments <br /> • Tax Increment Finance Statistics <br /> • • Tax Rebate Financing Policy <br /> • Tax Increment Financing Policy <br /> 41111 <br />