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B. District Qualifications <br /> The application for Tax Increment Financing will be considered based on <br /> the following criteria for each district. <br /> • Economic Development Districts <br /> The purpose of an Economic Development District is to preserve and <br /> enhance job opportunities and the tax base through the retention, <br /> expansion, or creation of industrial enterprises. In addition to the <br /> requirements and criteria set forth by the State of Minnesota, the <br /> City of Elk River will consider tax increment financing applications for <br /> the creation of economic development districts based on the following: <br /> • All applicants shall meet the criteria established in Section IV, <br /> Subdivision A of this document. <br /> • The project should result in the creation of 1 job per $20,000 of <br /> TIF with attractive wages and benefits. <br /> Redevelopment Districts <br /> The purpose of a redevelopment district is to remove blighted buildings <br /> or improve marginal land to encourage redevelopment. In addition to <br /> the requirements and criteria set forth by the State of Minnesota, the <br /> City of Elk River will consider tax increment financing applications for <br /> the creation of redevelopment districts based on the following: <br /> • All applicants shall meet the criteria established in Section IV, <br /> Subdivision A of this document. <br /> • • At a minimum, the market value of a redeveloped site shall <br /> increase by a ratio of 1:1.5. <br /> • The project shall result in an increased tax base and, <br /> subsequently, the creation of jobs with attractive <br /> wages and benefits. <br /> • The project shall remove blight and promote the highest and <br /> best use of underutilized property. <br /> Other Districts <br /> The City of Elk River will consider the establishment of other TIF <br /> districts not identified above on a case-by-case basis. <br /> VI. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br /> All developers/businesses receiving Tax Increment Financing <br /> assistance from the City of Elk River shall be subject to the provisions <br /> and requirements set forth by state statute 116J.993 and summarized <br /> below. <br /> All developers/businesses receiving TIF assistance shall enter into a <br /> subsidy agreement with the City of Elk River that identifies: the reason <br /> for the subsidy, the public purpose served by the subsidy, and the goals <br /> • for the subsidy, as well as other criteria set forth by statute 116J.993. <br /> 6 <br />