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tourism facilities; or <br />space necessary for and related to the activities listed <br />in clauses (1) to (5) of the statutes. <br />Maximum term 8 years after receipt of the first increment. <br />[Minn. State Statutes 469.174, Subd. 11, <br />Housing District <br />469.176, Subd. 4d, 469.1761] <br /> <br />Aprojectforlow&moderateincomehousing <br />occupancy. A project does not qualify if more than <br />20% of the square footage of improvements are for <br />commercial,retailorothernon-housinguses. <br />Tax increment revenue must solely finance <br />housing project costs, which may include <br />public infrastructure. <br />For owner-occupied housing, 95% of the units must <br />beinitially purchased and occupied byindividuals <br />qualifying as low and moderate income under current <br />Federal schedules. For rental housing,50% ofthe <br />units must be occupied by persons whose income is <br />80% or less of area median gross income. <br />Maximum term 25 years after receipt of the first <br />increment. <br /> <br />[Minn. State Statutes 469.174, <br />Soils Condition District <br />Subd. 19, 469.176, Subd. 4b] <br /> <br />Aproject where presence of hazardous substances, pollution, <br />orcontaminantsrequires removalor remedial action for use; <br />and, the estimated cost of remediation exceeds the lands fair <br />market value, or, exceeds $2persquare foot. <br />Tax increment may be used only to: <br />Acquire parcels on which the improvements will <br />o <br />occur; <br />Pay for the cost of removal or remedial action; and <br />o <br />Pay for the administrative expenses of the TIF <br />o <br />Authority allocable to the district. <br />Maximum term is 20 years after receipt of the first <br />increment. <br />V. <br />PROJECT REQUIRMENTS <br />In addition to complying with all statutory guidelines, projects requesting TIF should <br />meet the following requirements. However, it should not be presumed that a project <br />meeting this set of criteria will automatically be approved. <br /> <br />a.TIF assistance maybe provided to the developer upon receipt of the <br />increment by the city, otherwise referred to as the pay-as-you-go method. <br />Requests for up front financing will be considered on a case-by-case basis. <br /> <br />b.A maximum of ten percent (10%) of any tax increment received fro <br />districtwill beretained by the city to reimburse administrativecosts. <br /> <br />City of Elk River Tax Increment Financing Policy & Application <br />Amended March 2017 <br />Page 5 of 15 <br />