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ITEM / 6_3. <br />rover <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic Development~~ <br />DATE: May 8, 2006 <br />SUBJECT: Consider Adoption of Amended Tax Increment Financing <br />Policy and Application <br />Attachments <br />• Tax Increment Financing Policy and Application, Amended May 2006 <br />Background <br />The City of Elk River adopted its original Tax Increment Financing Policy in August 1991. <br />The policy was amended in March of 2000 to include the provisions of the MN Business <br />Subsidy Law and the City's Business Subsidy Policy. <br />Recommendation <br />The attached policy includes the amendments discussed at the April 1Q 2006 EDA meeting. <br />Staff recommends that the EDA consider adoption of the amended Tax Increment <br />Financing. Following the EDA's adoption, the City Council will be asked to adopt the <br />amended policy. <br />