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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 10.4 <br />Agenda Section Meeting Date Prepared by <br />Work Session September 8, 2020 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Riverwalk Apartments TIF Discussion Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />For discussion <br /> <br />Background/Discussion <br />Sun Rae Apartments, LLC submitted an application for Tax Increment Financing to construct two 89-unit <br />apartment complexes located at 17354 Zane Street, Elk River. This project is proposed as a Redevelopment TIF <br />District. <br /> <br />The applicant is requesting 90% of the available increment over 26 years. The project is proposed to be <br />completed in two phases with the first phase completed by 2023 and the second phase completed by 2027. <br />Annual real estate taxes collected between the three parcels is $10,706. The estimated real estate taxes upon <br />completion of phase I is 193,964 annually. Phase II is estimated at the same, for a total of $387,928 annually. <br /> <br />Staff is seeking direction from the council on their interest to entertain a TIF application from Sun Rae <br />Apartments, LLC. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />The City of Elk River shall utilize TIF to encourage desirable development or redevelopment that would not <br />otherwise occur but for TIF. <br /> <br />Attachments <br /> Riverwalk Project Narrative <br /> Aerial Map <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />