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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 />A Non - Housing project shall serve at least two of the following public purposes: <br />• Creation of jobs with livable wages and benefits. <br />• Significantly increase the city's tax base. <br />• Enhancement or diversification of the city's economic base. <br />• Industrial development that will spur additional private investment in the area. <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 />• Removal of blight or the rehabilitation of a high profile or priority site <br />A Housing Project shall serve at least two of the 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 city's <br />Comprehensive Plan and the city's Housing and Redevelopment Strategic Plan, <br />among others. <br />• Removal of blight or the rehabilitation of a high profile or priority site. <br />Please indicate how this project will serve a public purpose: <br />JOB CREATION /RETENTION <br />Number of existing jobs: <br />Number of jobs created by project: <br />Average hourly wage of jobs created /retained: <br />Job Creation/ Retention <br />job Title <br />Number <br />of jobs <br />Average <br />Hourly <br />Wage <br />Annual <br />Salary <br />Are the Jobs Newly <br />Created or Retained <br />Expected <br />Hiring <br />Date <br />City of Elk River Tax Increment Financing Policy & Application P 0 N E B E 0 B T <br />Amended March 2017 <br />Page 12 of 22 11`4ATURE1 <br />