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the area. <br />Fulfillment of defined city objectives such as those identified in the <br />City's Comprehensive Plan and the City's Economic Development <br />Strategic Plan, among others. <br />Removal of blight or the rehabilitation of a high profile or priority <br />site. <br />V. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br />All developers /businesses receiving Tax Increment assistance from the City of Elk <br />River shall 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 />VI. APPLICATION PROCESS FOR TIF <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 />2. City staff reviews the application and completes the Commercial - Industrial <br />and /or Housing Worksheets. The Application and Commercial - Industrial <br />and /or Housing Worksheets are primarily designed to score the desirability of <br />the proposed project. Industrial, Redevelopment and Housing projects will be <br />evaluated on a case -by -case basis and as the projects meet the city's desired <br />objectives. <br />3. Results of the Commercial - Industrial and /or Housing Worksheets are <br />submitted to the appropriate governing authorities (EDA or HRA) for <br />recommendation to the City Council of approval or denial of the request. <br />4. If preliminary approval is granted, the Tax Increment Financing Plan, along <br />with all necessary notices, resolutions are prepared by City staff and /or <br />consultants. <br />5. Notices are published and sent to the county and school board. <br />6. Public hearing(s) on the proposed request are held. <br />7. The City Council grants final approval or denial of the request. <br />City of Elk River Tax Increment Financing Policy & Application p 0 W E D E D D T <br />Amended February 2014 }� /� URE <br />Page 6 of 15 A V /y {� <br />