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PUBLIC PURPOSE <br /> It is the policy of the city of Elk River that the use of Tax Increment Financing should result <br /> in a benefit to the public. <br /> A Non-Housing project shall serve at least two of the following public purposes: <br /> • Creation of jobs with livable wages and benefits. <br /> • Significantly increase the city's tax base. <br /> • Enhancement or diversification of the city's economic base. <br /> • Industrial development that will spur additional private investment in the area. <br /> • Fulfillment of defined city objectives such as those identified in the city's <br /> Comprehensive Plan and the city's Economic Development Strategic Plan, <br /> among others. <br /> • Removal of blight or the rehabilitation of a high profile or priority site <br /> A Housing Project shall serve at least two of the following public purposes: <br /> • Enhancement or diversification of the city's housing stock. <br /> • Development that will spur additional private investment in the area. <br /> • Fulfillment of defined city objectives such as those identified in the city's <br /> Comprehensive Plan and the city's Housing and Redevelopment Strategic Plan, <br /> among others. <br /> • Removal of blight or the rehabilitation of a high profile or priority site. <br /> Please indicate how this project will serve a public purpose: <br /> JOB CREATION/RETENTION <br /> Number of existing jobs: <br /> Number of jobs created by project: <br /> Average hourly wage of jobs created/retained: <br /> Job Creation/Retention <br /> Average Expected <br /> Number Hourly Annual Are the Jobs Newly Hiring <br /> job Title of jobs Wage Salary Created or Retained Date <br /> City of Elk River Tax Increment Financing Policy&Application P 0 N E B E 0 B T <br /> Amended March 2017 <br /> Page 12 of 15 INAT- UREI <br />