4.1. EDSR 06-28-2016 - Laserfiche WebLink

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conditions such as inadequate street layout,incompatible uses,overcrowding,obsolete buildings,or other identified hazards to community health,safe r,and general welfare. These conditions must be reasonably distributed throughout the geographic area of the district. ■ At least 90%of the tax increment revenues must be used to finance the cost of correcting the conditions (i.e.land acquisition,demolition,land clearance,utility installation,roads, sidewalks,and parking facilities). ■ Maximum term 15 years after receipt of the first increment. Economic Development District[Minn. State Statutes 469.174, Formatted:Indent:Left: 1.25" Subd. 12,469.176,Subd.4c1 • A project found to be in the public interest because: Formatted:Font:Bold • It will discourage a business from moving operations Formatted:Font:Bold,Not Expanded by/ to another state or municipality;or. Condensed by • It will result in increased local employment or, Formatted:Font:Bold ■ It willreserve and enhance the tax base.p �� Formatted:Level 2,Right: 0.07",Bulleted+ • At least 85%of the facilities must be used for: \ Level: 1+Aligned at: 1.25"+Indent at: 1.5" • Manufacturing or production operations:or, \ Formatted:Indent:Left: 1.75",Bulleted+ ■ Warehousing,storage,and distribution,excluding \ Level:3+Aligned at: 1.25"+Indent at: 1.5" retail sales:or, Formatted,Font:Bold • Research&development related to activities listed \ Formatted:Level 2,Right: 0.07",Bulleted+ above in items (1)or(2);or, Level: 1+Aligned at: 1.25"+Indent at: 1.5" • Telemarketing if it is the exclusive use of the properly; Formatted:Font:Bold,Not Expanded by/ Condensed by or, • Space necessary for and related to activities listed in Formatted:Font:Bold items (1)through(4). Formatted:Indent:Left: 1.75",Bulleted+ Level:3+Aligned at: 1.25"+Indent at: 1.5" • Maximum term 8 years after receipt of the first increment. : 1.25"+Indent �\ Formatted:Right: 0.07",Bulleted+Level: 1+Aligned at: Housing District Minn. State Statutes 469.174,Subd. 11,469.176, FormattedFont:Bold Subd.4d, 469.17611 �� Formatted:Indent:Left: 0.5" ■ A project for low&moderatesin income houg occupancy.A project does not qualify if more than Formatted:Indent:Left: 1.25" 20%of the square footage of improvements axe for Formatted:Bulleted+Level: I+Aligned at: 1.8"+Tab after: 2.05"+Indent at: 2.05" commercial,retail or other non-housing uses. ■ Tax increment revenue must solely finance housing12roject costs,which may include public infrastructure. ■ For owner-occupied housing,95%of the units must be initially purchased and occupied by individuals gualif inng as low and moderate income under current Federal schedules.For rental housing,50%of the units must be occupied by persons whose income is 80%or less of area median gross income. ■ Maximum term 25 years after receipt of the first increment. Formatted:Indent:Left: 0" Soils Condition District rMinn. State Statutes 469.174,Subd 19, Formatted:Indent:Left: 1.31",Tab stops: 469.176,Subd 4b7 1.31",Left City of Elk River Tax Increment Financing Policy&Application R 0 N E B E 0 BY Amended February 2014 W/f; r ' Page 6 of 15 /� y