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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 /> <br />A Non-Housing project shall serve at least two of the following public purposes: <br /> <br /> <br />Creation of jobs with livable wages and benefits. <br /> <br /> <br />Significantly increase the city’s tax base. <br /> <br /> <br />Enhancement or diversification of the city’s economic base. <br /> <br /> <br />Industrial development that will spur additional private investment in the area. <br /> <br /> <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 /> <br /> <br />Removal of blight or the rehabilitation of a high profile or priority site <br /> <br />A Housing Project shall serve at least two of the following public purposes: <br /> <br /> <br />Enhancement or diversification of the city’s housing stock. <br /> <br /> <br />Development that will spur additional private investment in the area. <br /> <br /> <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 /> <br /> <br />Removal of blight or the rehabilitation of a high profile or priority site. <br /> <br />Please indicate how this project will serve a public purpose: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />JOB CREATION/RETENTION <br /> <br />Number of existing jobs: <br />Number of jobs created by project: <br />Average hourly wage of jobs created/retained: <br /> <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 /> <br /> <br /> <br /> <br /> <br /> <br /> <br />City of Elk River Tax Increment Financing Policy & Application <br />Amended March 2017 <br />Page 12 of 15 <br />