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<br />Request for Action <br /> <br /> <br />To Item Number <br />Mayor and City Council 10.1 <br />Agenda Section Meeting Date Prepared by <br />Work Session May 1, 2017 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />TIF Policy and Scoring Worksheets Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Review the Tax Increment Financing Policy and scoring worksheet and identify goals as it relates to the <br />city’s housing needs based on recommendations of the Housing and Redevelopment Authority. <br /> <br />Background/Discussion <br />The Tax Increment Financing policy was approved on February 18, 2014, based on the direction from <br />the two joint workshops held November 4, 2013, and December 2, 2013. <br /> <br />In 2014, the HRA and the City Council established a separate Housing TIF policy, formalizing a tool to <br />assist in the development of housing projects that satisfy city goals and require assistance. The Housing <br />TIF policy is a separate policy to the TIF policy employed for economic development, where factors such <br />as job growth and wages are a vital consideration. The HRA approved the policy and worksheet on April <br />6, 2015, with the goal of attracting affordable senior housing to Elk River. <br /> <br />Staff initiated an annual review by the EDA Finance Committee of all financial policies March of 2016. <br />The TIF policy is the final policy under review. <br /> <br />The EDA Finance Committee reviewed the EDA TIF Policy and the HRA TIF Housing Policy. Updates <br />include incorporating all eligible TIF districts into one application instead of two separate applications. <br />No changes were made to the goals initially set by the HRA, EDA, and City Council. Staff is looking for <br />direction from the HRA and City Council to identify the goals as it relates to the city’s housing needs. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> Housing TIF Policy and Application (April 6, 2015) <br /> Updated Housing TIF Worksheet (April 6, 2015) <br /> TIF Policy and Application (February, 2014) <br /> Updated DRAFT 2017 TIF Policy <br /> Maxfield Housing Study (December, 2015) <br /> Springsted Memo dated February 11, 2014 <br /> Joint Workshop Minutes dated Nov 4, 2013 <br /> Joint Workshop Minutes dated Dec 2, 2013 <br /> <br />