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Economic Development Authority Minutes Page 2 <br /> June 19,2017 <br /> • City practice has been to direct applicants towards tax abatement financing • <br /> before considering TIF financing, so can the TIF Policy look more like the Tax <br /> Abatement Policy and be dropped down to 8 pages. <br /> • How much in TIF dollars should be allowed? Should it be based on a certain <br /> percentage of the tax base? <br /> Mikayla Hout, Springsted Consultant, stated the Authority can establish overarching <br /> goals but also have specific criteria for individual districts located in the city. She <br /> noted a large deposit fee helps weed out applicants who may not be as serious about <br /> a project and helps to ensure city dollars are not being spent on wasteful <br /> projects/staff time. <br /> Ms. Othoudt noted there are a couple of outstanding projects waiting on the policy <br /> development. <br /> It was noted applicants can still apply under the current TIF policy. <br /> Commission consensus was to defer this topic to a work session in a joint meeting <br /> with the Council and Housing and Redevelopment Authority. <br /> 4. Adjournment <br /> There being no further business,Chair Tveite adjourned the meeting of the Elk • <br /> River Economic Development Authority at 5:43 p.m. <br /> Dan Tveite,EDA President <br /> Tina Allard, ity Clerk <br /> i <br /> 101E1EI 871 <br /> NATURE <br />