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EGty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.6 <br /> Agenda Section Meeting Date Prepared by <br /> Consent December 4, 2017 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Tax Increment Financing Policy Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion, the Tax Increment Financing Policy. <br /> Background/Discussion <br /> The HRA approved the new Tax Increment Financing Policy at their November 6, 2017, meeting and <br /> subsequently by the EDA at their November 20, 2017, meeting. Our financial consultant and attorney <br /> have reviewed the final version of the policy. <br /> The newly-created policy is intended to replace the existing TIF Policy that was approved by the City <br /> Council in February of 2014 and the Housing TIF Policy that was approved in April of 2015. <br /> The new policy eliminates the minimum square footage requirement and minimum tax base requirement <br /> for projects. The new policy follows market demands as it relates to housing projects identified in the <br /> Maxfield Housing Study and is guided by both the Mississippi Connections Plan and Comprehensive <br /> Plan. <br /> The preferred method of TIF is pay-as-you-go (PAYGO),however upfront financing maybe considered <br /> on a case-by-case basis. The city has the authority to approve or deny projects, taking into consideration <br /> established policies,project criteria, and demand on city services in relation to the potential benefits from <br /> the project. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ 2017 TIF Policy (Clean) <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />