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6. HRSR 01-03-2006
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6. HRSR 01-03-2006
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HRSR
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1/3/2006
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I. POLICY PURPOSE <br />For the purposes of this document, the term "City"shall include the Elk Kiver City Council, Economic <br />Development Authority, and Housing and I~edevelopmentAuthority. <br />The purpose of this policy is to establish the City of Elk River's position relating to the <br />use of Tax Rebate Financing (TRF), otherwise referred to as Tax Abatement, for private <br />development above and beyond the requirements and limitations set forth by State Law. <br />This policy shall be used as a guide in the processing and review of applications <br />requesting tax rebate assistance. The fundamental purpose of tax rebate frnancin~ in Elk <br />River is to encourage desirable development or redevelopment that would not otherwise <br />occur but for the assistance provided through TRF. <br />The City of Elk River is granted the power to utilize TRF by the Minnesota Tax <br />Abatement Act, as amended. It is the intent of the City to provide the minimum amount <br />of TRF, as well as other incentives, at the shortest term required for the project to <br />proceed. The City reserves the right to approve or reject projects on a case by case basis, <br />taking into consideration established policies, project criteria, and demand on city <br />services in relation to the potential benefits from the project. Meeting policy criteria does <br />not guarantee the award of TRF to the project. Approval or denial of one project is not <br />intended to set precedent for approval or denial of another project. <br />II. DIFFERENCE BETWEEN TRF &TIF <br />The primary difference between Tax Rebate Financing (TRF) and Tax Increment <br />Financing (TIF) is the way in which the dollars are awarded to the project. When TIF is <br />awarded to a project by the city, the other political subdivisions (the school district and <br />the county) are required to contribute their portion of the increased taxes to the project. <br />Conversely, when TRF is requested, each political subdivision has the option of granting <br />its portion of the increased taxes to the project. Subsequently, the dollars generated for <br />the project with TRF axe generally less than the dollars generated with TIF. <br />III. OBJECTIVES OF TAX REBATE FINANCING <br />As a matter of adopted policy, the City will consider using TRF to assist private <br />development projects to achieve one or more of the following objectives: <br />• To retain local jobs and/or increase the number and diversity of jobs that offer <br />stable employment and/or attractive wages and benefits. <br />• To enhance and diversify the city of Elk River's economic base. <br />• To encourage additional unsubsidized private development in the area, either <br />directly or indirectly through "spin off 'development. <br />• To facilitate the development process and to achieve development on sites <br />which would not be developed without TRF assistance. <br />• To remove blight and/or encourage redevelopment of commercial and <br />industrial areas in the city that result in high quality redevelopment and private <br />reinvestment. <br />City of Elk Rivex <br />Tax Rebate Financing Policy, Amended August 2002 - 3 - <br />
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