9.1 HRSR 10-02-2017 - Laserfiche WebLink

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IV. PROJECT QUALIFICATIONS Housing TIF projects considered by the City of Elk River must meet each of the following requirements: a. To be eligible for TIF, a project shall result in: i. A minimum increase of$37,500 per year in property taxes, excluding the state portion; and ii. Have a market value of at least$1,250,000 upon completion. b. The project shall meet at least one of the objectives set forth in Section II and satisfy all the provisions set forth in Section III of this document. c. The developer shall demonstrate that the project is not financially feasible but for the use of TIF. d. The project shall comply with all provisions set forth in the Tax Increment Financing Act, Minnesota Statutes 469.124 to 469.134,inclusive, as amended, and Statutes 469.174 to 469.1794,inclusive, as amended. e. The project must be consistent with the City's Comprehensive Plan,Land Use Plan, and Zoning Ordinances. f. The project shall serve at least two of the following public purposes: • Enhancement or diversification of the city's housing stock. • Development that will spur additional private investment in the area. • Fulfillment of defined city objectives such as those identified in the City's s Comprehensive Plan and the City's Housing and Redevelopment Strategic Plan, among others. • Removal of blight or the rehabilitation of a high profile or priority site. V. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS All developers/businesses receiving Tax Increment assistance from the City of Elk River may be subject to the provisions and requirements set forth by the City's Business Subsidy Policy as amended and Minnesota Statutes Sections 116J.993 to 116J.995 (the "Minnesota Business Subsidy Law"). VI. APPLICATION PROCESS FOR TIF 1. Applicant submits the completed application along with a $10,000 application deposit, to be refunded for any portions not utilized if the tax increment project does not proceed. The application deposit will be used toward the cost of services provided in the evaluation of financial feasibility, establishment or modification of the TIF district, and preparation of legal documents and agreements. An additional deposit of$10,000 will be required for projects that require meeting statutory eminent domain and/or redevelopment substandard tests. Projects that demand professional services in excess of the initial deposit shall be required to reimburse the City for the additional expenses. City of Elk River Tax Increment Financing Policy&Application-Housing 'j v tato 1 r Amended April 8 2015 Page 5 of 14 NATURE