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TAX INCREMENT FINANCING APPLICATION REVIEW WORKSHEET- <br />HOUSING PROJECTS <br />TO BE COMPLETED BY CITY STAFF <br />The project must meet the criteria set forth in Section IV of thcitys Tax Increment <br />Financing policy to continue. <br />a) Meets minimum thresholds for size, value, and tax revenue. <br />b) Meets at least one of the objectives in Section II and satisfies <br />all of the provisions set forth in Section III. <br />c) Demonstrates need for TIF with the but-for analysis. <br />d) Consistent with all city plans and ordinances. <br />e) Serves at least two public purposes as defined in Section IV (g). <br />______ f)Meets the appropriate statutory TIF district requirements <br />1. Ratio of Private to All Public Investment in Project: Points: <br /> Greater than 7:1 10 <br />$ Private investment 6:1 8 <br />$ Public Investment 5:1 6 <br />Ratio Private: Public Financing 4:1 4 <br /> 3:1 2 <br /> Less than 3:1 1 <br />2. Project provides housing that is restrictedPoints: <br />to persons 55 years and older: 10 <br /> <br />3. Market Value/Tax Base Generation:Points: <br />Project will result in an estimated <br />market value per unit $135,000/Unit 5 <br />(land and building) of $125,000/Unit 4 <br /> $115,000/Unit 3 <br />$105,000/Unit2 <br />$ 95,000/Unit1 <br />4. Project proposes rehabilitation of existing <br />housing, housing stock, and maximizes <br />utilization of existing infrastructure: Points: <br /> 10 <br />5. Project proposes a location near existing <br /> jobs, transportation, recreation, retail services, <br />social services, and schools: Points: <br /> 5 <br />City of Elk River Tax Increment Financing Policy & Application <br />Amended March 2017 <br />Page 20 of 15 <br />