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Tax Increment Financing Policy <br /> Purpose <br /> "I"he purpose of this policy is to ensure development receiving Tax Increment I'mancing <br /> (TIF) is consistent with the long-term city Cmiprebenshv Plan, Strategic Plan, Nlississippl' <br /> C,onliedions Man and/or most recent Housing Study. This is a guide for processing and review <br /> ofTll-' applications. The City of Elk River shall utilize I'll" to encourage desirable <br /> de,velopment or redevelopment that would not otherwise occur but for TIF. <br /> The city is empowered to utilize TI F by the Minnesota Tax Incrernent Financing Act, as <br /> amended in Minnesota Statutes 469-174 through 469-1794. The city provides the minimum <br /> amount of TIF at the shortest term rcqWired for a project to proceed, The city reserves the <br /> right to approve or reject projects on a case-by-case basis, taping into consideration <br /> established policies, project criteria, and demand on city set-vices in relation to the potential <br /> benefits from the project. projects meeting policy criteria are not guaranteed the award of <br /> TIF. Approval or denial of a certain project is not a precedent for approval or denial of <br /> another project. <br /> I'lie City Council and Economic Development Authority and the Housing and <br /> Redevelopment Authority can deviate from this policy for projects that supersede the <br /> objectives identified herein.. <br /> Authority <br /> Minnesota Statutes 469-174 through 469-1794 govern the use of"FIF and exceed any issues <br /> that conflict with this policy. <br /> Public Purpose <br /> The Cir,y of 141k River will consider TIF for projects that achieve one or mare of the <br /> following: <br /> 1. Demonstrate long-term benefits to the con-irriunity. <br /> I Retain local jobs and./or increase the number and diversity of jobs that offer stable <br /> employment and/or attractive wages and benefits through: <br /> • Diversification of the local economy <br /> • Significant addition of permanent, high-wage, full-time jobs <br /> • Addition of jobs attractive to those unemployed or underemployed <br /> 3. Significantly increases the city's commercial and industrial tax base. <br /> pp <br />