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<br />v. APPLICATION PROCESS FOR TIF <br /> <br />1. Applicant submits the completed application along with a non-refundable <br />$10,000 application deposit. The application deposit will be used toward the <br />cost of services provided in the evaluation of financial feasibility, establishment <br />or modification of the TIF district, and preparation of legal documents and <br />agreements. An additional deposit of $10,000 will be required for projects the <br />require meeting statutory eminent domain and/or redevelopment substandard <br />tests. Projects that demand professional services in excess of the initial deposit <br />shall be required to reimburse the City for the additional expenses. <br /> <br />2. City staff reviews the application and completes the Application Review <br />Worksheet. The Application and Application Review Worksheet is primarily <br />designed to score the desirability of an industrial project. Redevelopment and <br />Housing projects will be evaluated on a case-by-case basis and as the projects <br />meet the city's desired objectives. <br /> <br />3. Results of the Worksheet are submitted to the appropriate governing authorities <br />(EDA or HRA) for recommendation to the City Council of approval or denial <br />of the request. <br /> <br />4. If preliminary approval is granted, the Tax Increment Financing Plan, along <br />with all necessary notices, resolutions are prepared by City staff and/or <br />consultants. <br /> <br />5. Notices are published and sent to the county and school board. <br /> <br />6. Public hearing(s) on the proposed request are held. <br /> <br />7. The City Council grants final approval or denial of the request. <br /> <br />City of Elk River <br />Tax Increment Policy & Application <br />Amended May 2006 <br /> <br />Page 6 of 14 <br />