6.0. EDSR 09-09-2002 - Laserfiche WebLink

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1ST DRAFT 9/09/02 • CITY OF ELK RIVER POLICY AND PROCEDURES RELATING TO THE USE OF BUSINESS SUBSIDIES I. PURPOSE For the purposes of this document, the term "Ciy"shall include the Elk River Ciy Council,Economic Development Authoriy, and Housing and Redevelopment Authority. The purpose of this policy is to establish guidelines and criteria regarding the use of business subsidies, such as tax increment financing (TIF), tax abatement, and other business subsidies for private development projects within the City of Elk River and shall be in addition to the requirements and limitations set forth by provisions of Minnesota law, and by the City's policy and guidelines of the particular form of subsidy. These guidelines shall be used in processing and reviewing applications requesting business subsidies assistance. The fundamental purpose of business subsidies in the City is to encourage desirable development or redevelopment that would not otherwise occur "but for" the assistance provided through business subsidies. It is the intent of the City to provide a minimum amount of business subsidies, as well as other incentives that the City may deem appropriate, at the shortest term required for the project to proceed. The City reserves the right to approve or reject projects on a case-by- case basis, taking into account established policies, specific project criteria, and demand on • city services in relation to the potential benefits to be received from a proposed project. Meeting policy guidelines or other criteria does not guarantee the award of business subsidies. Furthermore, the approval or denial of one project is not intended to set precedent for approval or denial of another project. Whenever possible it is the City's intent to coordinate the use of business subsidies with other applicable taxing jurisdictions. II. OBJECTIVES OF BUSINESS SUBSIDIES As a matter of policy, the City will consider using business subsidies to assist private development projects to achieve one or more of the following objectives: • To retain local jobs and/or increase the number and diversity of jobs that offer stable employment and/or attractive wages and benefits. • To enhance and diversify the City of Elk River's economic base. • To encourage additional unsubsidized private development in the area, either directly or indirectly through"spin off' development. • To achieve development on sites which would not be developed without business subsidies assistance. • To remove blight and/or encourage development of commercial and industrial areas in the city that result in higher quality development or redevelopment and • private investment. City of Elk River Business Subsidies Policy 1