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Tax Increment Financing Policy <br /> Purpose <br /> The purpose of this policy is to ensure development receiving Tax Increment Financing(TIF) is consistent <br /> with the long-term city economic development programComprzhen.rive Plan,Strategic Plan,Mississippi Connections Plan <br /> and/or most recent Housing Study. This is a guide for processing and review of TIF applications. The City <br /> of Elk River shall utilize TIF to encourage desirable development or redevelopment that would not <br /> otherwise occur but for TIF. <br /> The city is empowered to utilize TIF by the Minnesota Tax Increment Financing Act,as amended in <br /> Minnesota Statutes 469-174 through 469-1794. The city provides the minimum amount of TIF at the <br /> shortest term required for a project to proceed. The city reserves the right to approve or reject projects on a <br /> case-by-case basis, taking into consideration established policies,project criteria,and demand on city <br /> services in relation to the potential benefits from the project. Projects meeting policy criteria are not <br /> guaranteed the award of TIF. Approval or denial of a certain project is not a precedent for approval or <br /> denial of another project. <br /> The City Council and Economic Development Authority and the Housing and Redevelopment Authority <br /> can deviate from this policy for projects that supersede the objectives identified herein. <br /> Authority <br /> Minnesota Statutes 469-174 through 469-1794 govern the use of TIF and supersede exceed any issues that <br /> conflict with this policy. <br /> Policy ConsiderationsPublic Purpose <br /> The City of Elk River will consider TIF for projects that achieve one or more of the following: <br /> 1. Demonstrate long-term benefits to the community. <br /> 1. <br /> 2. Retain local jobs and/or increase the number and diversity of jobs that offer stable employment <br /> and/or attractive wages and benefits through: <br /> • Diversification of the local economy <br /> • <br /> • Significant addition of permanent,high-wage, full-time jobs <br /> • <br /> • Addition of jobs attractive to those unemployed or underemployed <br /> 3. Significantly increases the city's commercial and industrial tax base. <br /> 4. Demonstrates the ability to encourage unsubsidized private development through"spin off" <br /> development. <br /> 5. Facilitates the development process and achieves development on sites that would not develop "but <br /> for" the use of TIF. (statutory reference) <br /> Page 1 of 8 <br />