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X. TAX INCREMENT FINANCING APPLICATION REVIEW <br />WORKSHEET- HOUSING PROJECTS <br />TO BE COMPLETED BY CITY STAFF <br />1. The project meets the criteria set forth in Section IV of the City's Tax Increment <br />Financing policy. <br />a) Meets minimum thresholds for size, value, and tax revenue. <br />b) Meets at least one of the objectives in Section II and satisfies <br />all of the provisions set forth in Section III. <br />c) Demonstrates need for TIF with the butfor analysis. <br />d) Consistent with all city plans and ordinances. <br />e) Serves at least two public purposes as defined in Section IV (f). <br />2. <br />Ratio of Private to All Public Investment in Project: <br />Private investment <br />Public Investment <br />Ratio Private: Public Financing <br />3. Job Creation in the City of Elk River: <br />Number of new jobs as a result of the project. <br />Number of existing /retained jobs divided by 2. <br />Total <br />4. Wage Level of new jobs created /retained: <br />Minimum hourly wage <br />of jobs created /retained: <br />5. Market Value /Tax Base Generation: <br />Project will result in an estimated <br />market value per unit <br />(land and building) of <br />6. Project provides housing that is restricted <br />to persons 55 years and older: <br />City of Elk River Tax Increment Financing Policy & Application <br />Amended February 2014 <br />Page 14 of 15 <br />Points: <br />5:1 5 <br />4:1 4 <br />3:1 3 <br />2:1 2 <br />Less than 2:1 1 <br />Points: <br />20+ 5 <br />15+ 4 <br />10+ 3 <br />5+ 2 <br />Less than 5 1 <br />Points: <br />Over $25 /hour 5 <br />$21 -25 /hour 4 <br />$17 -20 /hour 3 <br />$14 -16 /hour 2 <br />Under $14 /hour 1 <br />Points: <br />$135,000 /Unit 5 <br />$125,000 /Unit 4 <br />$115,000 /Unit 3 <br />$105,000 /Unit 2 <br />$ 95,000 /Unit 1 <br />Points: <br />5 <br />POWERED 0 <br />NAYUREI <br />