4.1. EDSR 04-25-2017 - Laserfiche WebLink

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II. POLICY PURPOSE For lb purposes qflhis docuyi,,en, the leivi "ClIy"shall inc-lilde Me E'lk- Rl.'ier Econoillic Developmeni z4ulbon't),, and I Ioushgg and Redevelepvenl llulhof �)�. The purpose of this policy is to establish the City of Elk River's position relating to the use of Tax Increment Financing (TIF) for I lousing private development above and beyond the requirements and limitations set forth by State Law. This policy shall be used as a guide in the processing and review of applications requesting tax incren-lent assistance. The fundamental purpose of tax increment financing in Elk River is to encourage desirable development or redevelopment that would not otherwise occur bul fir the assistance provided through TIF. The City of Elk River is granted the power to utilizeTIF by the Nlinrlesota Tax Increment Financing Act,as arriended. It is the intent of the City to provide the minin-mm amount of TIF, as well as other Incentives, at the shortest term required for the project to proceed. The City reserves the right to approve or reject projects on a case by case basis, taking into consideration established policies, project criteria, and demand on city services in relation to the potential benefits froin the project, Meeting policy criteria does not guarantee the award of TIF to the project. Approval or denial of one project is not intended to set precedent for approval or denial of another project. 11. OBJECTIVES OF TAX INCREMENT FINANCING As a matter of adopted policy, the City wifl consider usingTIF for Housing to assist private devc1optnent projects to achieve one or more. of the following Objectives: • To encourage additional 1111SUbsiclized, private development in tile area, either directly or indirectly through "spin off" development. `I,o facilitate the development process and to achieve development on sites which would not be developed without TIF assistance, 'l'o remove blight arid/or encourage redevelopment of residential areas in the city that result in high quality redevelopment and private reinvestment. • To offset increased costs of redevelopinent (i.e. contaminated site clean up) over and above the costs normally incurred in development. • To create opportunities for affordable housing, • To contribute to the in-iplementation of other public policies, as adopted by the city fron-i time to time, such as the promotion of quality Urban or architectural design, energy conservation, and decreasing capital and/or operating costs of local government, • To enhance and diversify the City of Elk Diver's housing stock. City of F.1k Mver'Fax hicrement Fiiiaiicing policy& Application- f lousing ,,linencled April 8 20 15 0 W ( a f 0 i Page 3 of 14 INATUREI