4.2. EDSR ATTACHMENT 03-28-2017 - Laserfiche WebLink

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IX. APPLICATION PROCESS FOR TIF 1. Meet with appropriate EDA and City Staff to discuss the scope of the project,public participation being requested, and other information as may be necessary. 2. Applicant submits the completed application along with a$10,000 application deposit. The application deposit will be used toward the cost of services provided in the evaluation of financial feasibility, establishment or modification of the TIF district, and preparation of legal documents and agreements. An additional deposit of$10,000 will be required for projects that require meeting statutory eminent domain and/or redevelopment substandard tests. Projects that require professional services in excess of the initial deposit shall reimburse the city for the additional expenses. 3. Staff reviews the application and completes the Commercial-Industrial and/or Housing Worksheets. The Application and Commercial-Industrial and/or Housing Worksheets are primarily designed to score the desirability of the proposed project. 4. The EDA Finance Committee reviews the request 5. Results of the Commercial-Industrial and/or Housing Application and Worksheets are submitted to the EDA Finance Committee for recommendation to the appropriate governing authorities (EDA or HRA) and to the City Council for approval or denial of the request. 6. If preliminary approval is granted, the Tax Increment Financing Plan,along with all necessary notices and,resolutions are prepared by city staff and/or consultants. 7. If Planning Commission action is required,it will be necessary for the applicant to make application to the Commission for Concept Review. 8. A development agreement based upon the terms will be prepared in addition to an economic development plan or redevelopment plan and tax increment financing plan if required. 9. Notices are published and sent to the county and school board. 10. A public hearing may be set,if required by statutes, at which the EDA or HRA will consider a final recommendation related to the formal application. Following the necessary financial analysis and preparation of the detailed plans,the City Council shall take action on the project as required under the Tax Increment Financing statutes 11. The City Council grants final approval or denial of the request. City of Elk River Tax Increment Financing Policy&Application P 0 N E B E 0 B T Amended March 2017 Page 8 of 15 INAT- UREI