3.1 EDSR 06-19-2017 - Laserfiche WebLink

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Financial Information, Financial Statements, Net worth Calculati Income and Expense projections, Balance Sheets, Customer Lists, returns. When public financial assistance is received, only the following remains not public: Business Plans, Income and Expense projections, Custome returns, design, market, and feasibility studies not paid for wi city allows an applicant to submit sensitive financial information directly to the citys financial consultant, for additional security. IX. APPLICATION PROCESS FOR TIF 1. Meet with appropriate EDA and City Staff to discuss the scope ofproject, public participation being requested, and other information as may be n 2. Applicant submits the completed application along with a $10,000 deposit. The application deposit will be used toward the cost of the evaluation of financial feasibility, establishment or modific district, and preparation of legal documents and agreements. An of $10,000 will be required for projects that require meeting st domain and/or redevelopment substandard tests. Projects that require profes services in excess of the initial deposit shall reimburse the ci expenses. 3. Staff reviews the application and completes the Commercial-Industrial and/or Housing Worksheets. The Application and Commercial-Industrial and/or Housing Worksheets are primarily designed to score the desirability of t. 4. The EDA Finance Committee reviews the request 4. 5. Results of the Commercial-Industrial and/or Housing Application and Worksheetsstaff review are submitted to the EDA Finance Committee for recommendation to the appropriate governing authorities (EDA or City Council for approval or denial of the request. 5. 6. If preliminary approval is granted, the Tax Increment Financing Plan, along with all necessary notices and, resolutions are prepared by city staf 6. 7. If Planning Commission action is required, it will be necessary make application to the Commission for Concept Review. 7. 8. A development agreement based upon the terms will be prepared in economic development plan or redevelopment plan and tax incremen if required. 8. 9. Notices are published and sent to the county and school board. 9. 10. A public hearing may be set, if required by statutes, at which t will consider a final recommendation related to the formal appli necessary financial analysis and preparation of the detailed platy Council City of Elk River Tax Increment Financing Policy & Application Amended March 2017 Page 9 of 22 498942v2 JSB EL185-13