3.1 EDSR 06-19-2017 - Laserfiche WebLink

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Request for Action ToItem Number Economic DevelopmentAuthority3.1 Agenda Section Meeting DatePrepared by Special MeetingJune 19, 2017Amanda Othoudt, EDD Item Description Reviewed by TIF PolicyDiscussionTina Allard, City Clerk Reviewedby Action Requested ReviewtheTax Increment Financing Policyand scoring worksheetand identify goals as it relates to the citys housing needs. Background/Discussion The Tax Increment Financing policy was approved on February 18, 2014, based on the direction from twojoint workshopsheld November 4, 2013,and December 2, 2013. In 2014, the HRA and the City Council established a separate Hou assist in the development of housing projects that satisfy city goals and require assistance. The Housing TIF policy is a separate policy to theTIF policy employed for economic development, where factorssuch as job growth and wages are a vital consideration. The HRA approved the Housing TIF Policy and worksheet on April 6, 2015, with the goal of attracting affordable senior housing to Elk River. Staff initiated an EDA Finance Committee review of all financial policies in March of 2016. The TIF policy is the final policy underreview.The HRA discussed changes to the policy at their June 5, 2017, meeting. Staff is also looking for direction from the EDA and City Council to identify the goals as it relates to the citys development priorities. 1.Remove the scoring worksheets 2.Update policies and goals for the use of TIF 3.Identify all eligible TIF districts 4.Update Tax Increment Financing Act and corresponding Minnesota S 5.Update application process Following the recommendations provided by the EDA tonight, the policy will be reviewed by the City Councilat their July 3 meeting,inclusive of all the recommendations provided by the HRA and EDA. Financial Impact N/A Attachments Draft 2017 TIF Policy Pre-session Questions