3.1 EDSR 06-19-2017 - Laserfiche WebLink

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I. POLICY PURPOSE For the purposes of this document, the term city shall include Economic Development Authority, and Housing and Redevelopment Au The purpose of this policy is to establish the city of Elk Rivers position r the use of Tax Increment Financing (TIF) for private development beyond the requirements and limitations set forth by State Law. used as a guide in the processing and review of applications requesting tax increment assistance. The fundamental purpose of tax increment financing i encourage desirable development or redevelopment that would not but for the assistance provided through TIF. The city of Elk River is granted the power to utilize TIF by the Increment Financing Act, as amended. It is the intent of the ci minimum amount of TIF, at the shortest term required for the prod. The city reserves the right to approve or reject projects on a c taking into consideration established policies, project criteria services in relation to the potential benefits from the project.eria does not guarantee the award of TIF to the project. Approval or project is not intended to set precedent for approval or denial II. OBJECTIVES OF TAX INCREMENT FINANCING As a matter of adopted policy, the city will consider using TIF to assist private development projects to achieve one or more of the following obj To retain local jobs and/or increase the number and diversity of stable employment and/or attractive wages and benefits as definethe citys Business Subsidy Policy. To encourage additional unsubsidized private development in the directly or indirectly through spin off development. To facilitate the development process and to achieve development which would not be developed without TIF assistance. To remove blight and/or encourage redevelopment of commercial an industrial areas in the city that result in high quality redevel reinvestment. To offset increased costs of redevelopment (e.g. contaminated site cleanup) over and above the costs normally incurred in development. To create opportunities for affordable housing. To enhance and diversify the city of Elk Rivers economic base. To significantly increase the city of Elk Rivers tax base. III. POLICIES FOR THE USE OF TIF a. When possible, TIF shall be used to finance public improvements with the project. The priority for the use of TIF funds is: 1. Public improvements, legal, administrative, and engineering cost 2. Site preparation, site improvement, land purchase, and demolition. 3. Capitalized Interest and Bonding Costs. City of Elk River Tax Increment Financing Policy & Application Amended March 2017 Page 3 of 22 498942v2 JSB EL185-13