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IV.PROJECT QUALIFICATIONS <br />each <br />Housing TIF projects considered by the City of Elk River must meet of the <br />following requirements: <br /> <br />a.To be eligible for TIF, a project shall result in: <br />i.A minimum increase of $37,500 per yearin property taxes, excluding <br />the state portion; and <br />ii.Have a market value of at least $1,250,000 upon completion. <br /> <br />one <br />b.The project shall meet at least of the objectives set forth in Section II <br />all <br />and satisfy the provisions set forth in Section III of this document. <br />c.The developer shall demonstrate that the project is not financially feasible <br />but-for the use of TIF. <br /> <br />d.The project shall comply with all provisions set forth in the Tax Increment <br />Financing Act, Minnesota Statutes469.124 to 469.134, inclusive, as amended, <br />and Statutes 469.174 to 469.1794, inclusive, as amended. <br />e.The project must be consistent with the City’s Comprehensive Plan, Land <br />Use Plan, and Zoning Ordinances. <br />two <br />f.The project shall serve at least ofthe 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 <br />City’s Comprehensive Plan and the City’s Housing and <br />Redevelopment Strategic Plan, among others. <br />Removal of blight or the rehabilitation of a high profile or priority <br />site. <br /> <br />V. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br />All developers/businesses receiving Tax Increment assistance from the City of Elk <br />River may be subject to the provisions and requirements set forth by the City’s <br />Business Subsidy Policy as amended and Minnesota Statutes Sections 116J.993 to <br />116J.995 (the “Minnesota Business Subsidy Law”). <br /> <br /> <br />VI. APPLICATION PROCESS FOR TIF <br />1 <br />. Applicant submits the completed application along with a $10,000 application <br />deposit, to be refunded for any portions not utilized if the tax increment project <br />does not proceed. The application deposit will be used toward the cost of <br />services provided in the evaluation of financial feasibility, establishment or <br />modification of the TIF district, and preparation of legal documents and <br />agreements. An additional deposit of $10,000 will be required for projects that <br />require meeting statutory eminent domain and/or redevelopment substandard <br />tests. Projects that demand professional services in excess of the initial deposit <br />shall be required to reimburse the City for the additional expenses. <br /> <br />City of Elk River Tax Increment Financing Policy & Application- Housing <br />Amended April 8 2015 <br />Page 5 of 14 <br />