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the area. <br /> • Fulfillment of defined city objectives such as those identified in the <br /> City's Comprehensive Plan and the City's Economic Development <br /> `-- 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/businesses receiving Tax Increment assistance from the City of Elk <br /> River shall be subject to the provisions and requirements set forth by the City's <br /> Business Subsidy Policy as amended and Minnesota Statutes Sections 1161993 to <br /> 116J.995 (the "Minnesota Business Subsidy Law"). <br /> VI. APPLICATION PROCESS FOR TIF <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 /> agreements. 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 reimburse the City for the additional expenses. <br /> 2. City staff reviews the application and completes the Commercial-Industrial <br /> and/or Housing Worksheets. The Application and Commercial-Industrial <br /> and/or Housing Worksheets are primarily designed to score the desirability of <br /> the proposed project. Industrial, Redevelopment and Housing projects will be <br /> evaluated on a case-by-case basis and as the projects meet the city's desired <br /> objectives. <br /> 3. Results of the Commercial-Industrial and/or Housing Worksheets are <br /> submitted to the appropriate governing authorities (EDA or HRA) for <br /> recommendation to the City Council of approval or denial of the request. <br /> 4. If preliminary approval is granted, the Tax Increment Financing Plan, along <br /> with all necessary notices,resolutions are prepared by City staff and/or <br /> consultants. <br /> 5. Notices are published and sent to the county and school board. <br /> 6. Public hearing(s) on the proposed request are held. <br /> 7. The City Council grants final approval or denial of the request. <br /> City of Elk River Tax Increment Financing Policy&Application riEltill <br /> _mended February2014 <br /> Page 6 of 15 <br />