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Tax Increment Financing Policy <br /> Purpose <br /> The purpose of this policy is to ensure development receiving Tax Increment Financing <br /> (111) is consistent with the long-term city Conpre&,nfille Plan, Strategic Plan, M1sq*,1-s1P'P1' <br /> Conneelions Part and/or most recent Housing Study. This is a guide for processing and review <br /> ofT11 4 applications, The Clity of Elk River shall utilize to encourage desirable <br /> development or redcM,opinent that would not otherwise occur but for TIF. <br /> ":'he city is empowered to utilize 'n I,,by the Minnesota "l"ax Increment 1"'Inaricing Act, as <br /> amended in Minnesota Statutes 469-174 through 469-1794. The city provides the in-initrium <br /> amount of at the shortest term required for a project to proceed. The city reserves the <br /> right to approve or reject projects on a case-by-case basis, taking into consideration <br /> established policies, project criteria, and demand on city services in relation to the potential <br /> benefits from the project. Projects meeting policy criteria are not guaranteed the award of <br /> \pproval or denial of a certain project is not a precedent for approval or denial of <br /> another project, <br /> The City, Council and Fcononuic Development Authority and the Housing and <br /> Redevelopment Authority can deviate frorn this policy for projects that supersede the <br /> objectives, identified herein. <br /> Authority <br /> Minnesota Statutes 469-174 through 469-1794 gO%7ern the use of TIF and exceed any issues <br /> that conflict with this policy. <br /> Public Purpose <br /> "I'lic City of Ellk River will consider'I'll' for projects that achieve one or more of the <br /> following: <br /> 1. Demonstrate long-terra benefits to the COMMUnItY, <br /> 2. Retain local jobs and/or increase the number and diversity of jobs that offer stable <br /> employinent and/or attractive wages and benefits through: <br /> • Diversification of the local cconorny <br /> • Significant addition of permanent, high-wage, full-tithe jobs <br /> • Addition of jobs attractive to those unemployed or underemployed <br /> 3. Significantly increases the city's con-imercial and industrial tax base. <br /> "'0 <br />