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Request for Action <br />To <br />Item Number <br />Mayor and City Council <br />10.2 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Work Session <br />March 1, 2021 <br />Colleen Eddy, Economic Development Specialist <br />Item Description <br />Reviewed by <br />Tax Increment Financing Discussion <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />Hear presentation from Baker Tilly and staff on Tax Increment Financing. <br />Background/Discussion <br />Staff is working on a project that has requested Tax Increment Financing. The proposed site is in a high traffic <br />area of the city and has been a blighted property for several years. <br />Our Financial Advisor, Nlikaela Huot, from Baker Tilly will facilitate a presentation on Tax Increment Financing <br />and will explain the parameters that need to be met to meet the but fog• requirements. And with the addition of a <br />new council member, staff felt this would be a good opportunity to explain TIF, as more projects/developers <br />are requesting this type of financing. <br />Financial Impact <br />N/A <br />Mission/Policy/Goal <br />The purpose of the Tax Increment Financing policy is to ensure development receiving this financing is <br />consistent with the long-term city Comprehensive Plan, Strategic Plan, Mississippi Connections Plan and/or the <br />most recent Housing Study. The City of Elk River shall utilize TIF to encourage desirable development or <br />redevelopment that would not otherwise occur but for TIF. <br />Attachments <br />Tax Increment Financing Policy <br />Business Subsidy Policy <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional,` 01 e <br />service, and community engagement that encourages and inspires pi ospei ly INAMIRE1 <br />