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IIV. PROJECT QUALIFICATIONS <br /> I fousing'I'l F projects considered by the City of Elk River 1-nUSt meet each of the <br /> following requirernents: <br /> a. To bP eligible for'FIF, a project shall result in: <br /> A rninimurn increase of$37,5,00 per year in property taxes, excluding <br /> the state portion;and <br /> �,/Iii. Have a market value of at least $1,250,000 upon completion. <br /> b. The project shall meet at least one of the objectives set forth in Section 11 <br /> and satisfy all the provisions set forth in Section III of this document, <br /> c. The developer shall clei-nonstrate that the project is not Financially feasible <br /> but-forthe use of'l"TF <br /> d. The project shall comply with all provisions set forth in the Tax I ricrernent <br /> Financing Act, Minnesota Statutes 469,124 to 469.134, inclusive, as amended, <br /> and Statutes 469.174 to 469,1794, inclusive, as amended, <br /> e, The project must be consistent with the City's Cornprehensive Plan,Land <br /> 'Use Plan,and Zoning Ordinances. <br /> f, The project shall sene at least two of the Mowing public purposes: <br /> 0, Enhancement or diversification of the city's housing stock. <br /> • Development that N%ill spur additional private investment in the aret. <br /> • Fulfillnient of defined city objectives Such as chose identified in the <br /> City's Comprehensive Plan and the City's HOUSifIg and <br /> Redevelopment Strategic plan, among others. <br /> • Removal of blight or the rehabilitation of a high profile or priority <br /> site, <br /> V. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br /> All developers/busines ses receiving Tax Increment assistance front the City of Elk <br /> River may be subject to the provisions and teClUireinents set forth by the CitY's <br /> Business Subsidy Policy as amended and Nfinnesota Statutes Sections 'I 16J.993 to <br /> 116J.995 (the "Minnesota Business Subsidy Law"). <br /> V1, APPLICATION PROCESS FOR TI'F <br /> 1. Applicant submits the completed application along with a $10,000 application <br /> deposit, to be refunded for any,portions not utilized if the tax increment project <br /> does not proceed. The application deposit will be used toward the cost of <br /> services provided in the evaluation of Financial feasibility, establishment or <br /> modification of the TIF district, and preparation of legal documents and <br /> agrecinents. An additional deposit of$10,000 will. be required for projects that <br /> require meeting statutory eminent domain and/or redevelopment substandard <br /> tests. Projects that demand professional services in excess of the initial deposit <br /> shall be required to reirnburse the City for the additional expenses. <br /> City of Elk River Tax Increment Finmcing Policy&Application-Housing 0 W I a f 0 0 V <br /> Amended April 8 2015 <br /> page .5 c)f 14 INA TUREI <br />