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TAX INCREMENT FINANCING POLICY <br /> CITY OF ELK RIVER, MINNESOTA <br /> WHEREAS, Minnesota Statutes authorizes the use of Tax . <br /> Increment Financing to assist communities with its <br /> development or redevelopment efforts; and, <br /> WHEREAS, Tax Increment Financing is a financing tool that <br /> enables communities to use the increase in property <br /> taxes from a completed development or redevelopment <br /> project to pay for certain qualifying improvements; <br /> and, . <br /> WHEREAS, qualifying improvements may include site <br /> acquisition costs, land write down, demolition, site <br /> preparation, soil correction, relocation costs, <br /> . interest reduction costs, housing to low and moderate <br /> income persons and families, housing for the elderly, <br /> or the construction of public infrastructure; and, <br /> WHEREAS, there is a decline of Federal and State programs <br /> available to cities for urban renewal and economic <br /> development. <br /> • NOW, THEREFORE, the City of Elk River, its Economic Development <br /> Authority and its Housing and Redevelopment Authority <br /> do hereby resolve: <br /> 1 . That Tax Increment Financing is a necessary tool <br /> • to encourage private sector investment to <br /> stimulate economic growth and redevelopment <br /> initiatives in the community. <br /> 2 . That there exists a need to develop a general <br /> Policy Statement to review requests for Tax <br /> Increment Financing. <br /> 3 . That the attached Policy Statement will serve as <br /> a guideline for reviewing requests for Tax <br /> Increment Financing. <br /> CITY OF ELK RIVER• <br /> BY: / �. <br /> Its Mayor <br /> ELK RIVER EDA <br /> BY: -, <br /> I . - � - :ent <br /> ELK 1,U3. R HRA <br /> B / <br /> c <br /> Its Chairman <br />