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