4.1. EDSR 06-28-2016 - Laserfiche WebLink

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local government. • To enhance and diversify the City of Elk River's economic base. • To significantly increase the City of Elk River's tax base. III. CITY OF ELK RIVER POLICIES FOR THE USE OF TIF a. When possible,TIF shall be used to finance public improvements associated with the project. The priority for the use of TIF funds is: 1. Public improvements,legal,administrative,and engineering costs. 2. Site preparation,site improvement,land purchase,and demolition. 3. Capitalized interest,bonding costs. 3. a ._ :_ .�—l— b TT,._ 1__ _ _:a_.__a _ ft efts_ 1__ efts_L__:_ b. All projects must meet one of the following statutory TIF district categories. Redevelopment District Alinn. State Statutes 469.974,Subd. 90; Formatted:Indent:Left: 1.17" 469.976,Subd.4i1 Formatted:Indent:Left: 0.5",First line: ■ Buildings,streets,other improvements occupv 70%of the area,and, 0.42" more than 50%of the main buildings are substandard(substantial Formatted:Bulleted+Level: 1+Aligned at: 1.17"+Indent at: 1.42" renovation or clearance justified;cost of attaining State building code exceeds 15%of the cost of a new structure). ■ At least 90%of the tax increment revenues must be used to correct the conditions that allow redevelopment district designation. Such costs include:land acquisition, demolition,land clearance,utility installation,roads, sidewalks,and parking facilities. ■ Maximum term 25 years after receipt of the first increment. Renewal&Renovation District/Minn. State Statutes 469.974,Subd. Formatted:Indent:Left: 1.17" 90a;469.976,Subd. 4�7 • Buildings,street,other improvements occupv 70%of area; Formatted:Bulleted+Level: 1+Aligned at: and at least 20%of the buildings are substandard �as defined 1.25"+Indent at: 1.5" under Redeve&mentDistr4;and,30%of the other buildings require substantial renovation or clearance to remove City of Elk River Tax Increment Financing Policy&Application p 1 W E B E 0 B1 Amended February 2014 Page 5of15