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E lls <br />River` <br />Request for Action <br />To <br />Item Number <br />Housing and Redevelopment Authority <br />9.1 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Work Session <br />Aril 3, 2017 <br />Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />TIF Policy and Scoring Worksheets <br />Cal Portner, City Administrator <br />Reviewed by <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. <br />Background /Discussion <br />The Tax Increment Financing policy was approved on February 18, 2014 based on the direction from the <br />two joint workshops held November 4, 2013 and December 2, 2013. <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 Housing TIF Policy and <br />worksheet on April 6, 2015, with the goal of attracting affordable senior housing to Elk River. <br />Staff initiated an EDA Finance Committee review of all financial policies in March of 2016. The TIF <br />policy is the final policy under review. <br />The EDA Finance Committee recently reviewed both the EDA TIF Policy and the HRA TIF Housing <br />Policy. Updates include incorporating all eligible TIF districts into one application. No changes have been <br />made to the goals initially set by the HRA, EDA and City Council. Staff is looking for direction from the <br />HRA and City Council to identify the goals as it relates to the city's housing needs. <br />Financial Impact <br />N/A <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 />• 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 />2 P�awEnEO sr <br />Is <br />