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TAX INCREMENT FINANCING POLICY <br /> CITY OF ELK RIVER, MINNESOTA <br /> • WHEREAS, Minnesota Statutes authorizes the use of Tax Increment <br /> Financing to assist communities with its development or <br /> redevelopment efforts; and, <br /> WHEREAS, Tax Increment Financing is a financing tool that enables <br /> communities to use the increase in property taxes from a <br /> completed development or redevelopment project to pay for certain <br /> qualifying improvements; and, <br /> WHEREAS, qualifying improvements may include site acquisition costs, land <br /> write down, demolition, site preparation, soil correction, <br /> relocation costs, interest reduction costs, housing to low and <br /> moderate income persons and families, housing for the <br /> elderly, or the construction of public infrastructure; and, <br /> WHEREAS, there is a decline of Federal and State programs available to <br /> cities for urban renewal and economic development. <br /> NOW, THEREFORE, the City of Elk River, its Economic Development <br /> Authority and its Housing and Redevelopment <br /> Authority do hereby resolve: <br /> 1. That Tax Increment Financing is a necessary tool to <br /> IP encourage private sector investment to stimulate <br /> economic growth and redevelopment initiatives in the <br /> community. <br /> 2. That there exists a need to develop a general Policy <br /> Statement to review requests for Tax Increment <br /> Financing. <br /> 3. That the attached Policy Statement will serve as a <br /> guideline for reviewing requests for Tax Increment <br /> Financing. <br /> Adopted in 1991 By: <br /> CITY OF ELK RIVER <br /> BY: /s/James A. Tralle <br /> Its Mayor <br /> ELK RIVER EDA <br /> BY: /s/Jeffrey A. Gongoll <br /> Its President <br /> ELK RIVER HRA <br /> BY: /s/Richard Hinkle <br /> Its Chairman <br />