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Tax abatement is a relatively new economic development finance tool to the City of <br />Elk River. The attached Tax Rebate Financing Policy was adopted by City Council <br />action on April 10, 2000. The City's first use of the tax rebate program was used <br />shortly thereafter in May 2000. <br /> <br />A Tax Increment Financing Policy was adopted by the City Council in August 1991. <br />In March 2000, the attached TIF Policy was revised to comply with new state statutes <br />and to more clearly state the City's position for the use of TIF. <br /> <br />The primary purpose of these finance tools continues to be to encourage desirable <br />development or redevelopment that would not otherwise occur but for the assistance <br />provided. Staff feels the tax increment financing and tax abatement programs have <br />proven to be significant economic development finance tools for the City of Elk River <br />over the past couple of years. It is appropriate for the City to review its policies for <br />these two programs on a regular basis to comply with statutory changes and to reflect <br />the development priorities of the City of Elk River. <br /> <br />It is anticipated that this worksession will last between 60 and 90 minutes. <br /> <br />Attachments <br /> <br />· Tax Increment Finance Statistics <br />· Tax Rebate Financing Policy <br />· Tax Increment Financing Policy <br /> <br /> <br />