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• tourism facilities; or <br />• space necessary for and related to the activities listed <br />in clauses (1) to (5) of the statutes. <br />• Maximum term 8 years after receipt of the first increment. <br />Housing District [Minn. State Statutes 469.174, Subd. 11, <br />469.176, Subd. 4d, 469.1761] <br />A project for low & moderate income housing <br />occupancy. A project does not qualify if more than <br />20% of the square footage of improvements are for <br />commercial, retail or other non - housing uses. <br />Tax increment revenue must solely finance <br />housing project costs, which may include <br />public infrastructure. <br />For owner - occupied housing, 95% of the units must <br />be initially purchased and occupied by individuals <br />qualifying as low and moderate income under current <br />Federal schedules. For rental housing, 50% of the <br />units must be occupied by persons whose income is <br />80% or less of area median gross income. <br />Maximum term 25 years after receipt of the first <br />increment. <br />Soils Condition District [Minn. State Statutes 469.174, <br />Subd. 19, 469.176, Subd. 4b] <br />A project where presence of hazardous substances, pollution, <br />or contaminants requires removal or remedial action for use; <br />and, the estimated cost of remediation exceeds the land's fair <br />market value, or, exceeds $2 per square foot. <br />Tax increment may be used only to: <br />o Acquire parcels on which the improvements will <br />occur; <br />• Pay for the cost of removal or remedial action; and <br />• Pay for the administrative expenses of the TIF <br />Authority allocable to the district. <br />Maximum term is 20 years after receipt of the first <br />increment. <br />V. PROJECT REQUIRMENTS <br />In addition to complying with all statutory guidelines, projects requesting TIF should <br />meet the following requirements. However, it should not be presumed that a project <br />meeting this set of criteria will automatically be approved. <br />a. TIF assistance may be provided to the developer upon receipt of the <br />increment by the city, otherwise referred to as the pay- asyougo method. <br />Requests for up front financing will be considered on a case -by -case basis. <br />b. A maximum often percent (10 %) of any tax increment received from the <br />district will be retained by the city to reimburse administrative costs. <br />City of Elk River Tax Increment Financing Policy & Application P 0 N E A E . . T <br />Amended March 2017 <br />Page 5 of 22 11`4ATURE <br />