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El Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 6.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business February 18, 2014 Brian Beeman, Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> Housing Scoring and TIF Policy Jeremy Barnhart,Deputy Director, CODD <br /> Reviewed by <br /> Action Requested <br /> Approve by motion, the Tax Increment Financing Policy and recommend to the City Council on same. <br /> Background/Discussion <br /> At the December 2, 2013 joint City Council/HRA workshop,it was suggested that both the HRA and <br /> EDA review the current Tax Increment Financing Policy before the City Council approves the final <br /> policy. Springsted, the city's financial consultant, has updated the policy to reflect the comments and <br /> direction from the two joint workshops held November 4,2013 and December 2, 2013.A copy of the <br /> proposed updated policy is attached.A representative from Springsted will be available for any questions. <br /> Tax Increment Financing (TIF) Policy Updates <br /> 1. Inclusion of housing projects under Section III (b) (3) <br /> 2. Edit under Section III (j) <br /> 3. Addition of Section V Subsidy Agreement&Reporting Requirements <br /> 4. Edits to Section VI.Application Process for TIF (1) to be consistent with City's fee schedule <br /> 5. Edits to Section VI.Application Process for TIF (2) inclusion of housing projects <br /> 6. Edits to Section VII. Section E to be consistent with City's fee schedule <br /> 7. Minor edits to Section IX. <br /> 8. Addition of Section X—Housing Review Worksheet <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • Springsted Memo dated February 11, 2014 <br /> • Updated TIF Policy <br /> • Joint Workshop Minutes dated Nov 4,2013 <br /> • Joint Workshop Minutes dated Dec 2,2013 <br /> t..t ■ EAE ® IT <br /> INATURE <br />