9.1 HRSR 10-02-2017 - Laserfiche WebLink

Home Browse Search

Request for Action River To Item Number Housing and Redevelopment Authority 9.1 Agenda Section Meeting Date Prepared by Work Session October 2,2017 Amanda Othoudt, EDD Item Description Reviewed by Draft TIF Policy Cal Portner,City Administrator Reviewed by Action Requested Review the new draft Tax Increment Financing Policy. Background/Discussion The Tax Increment Financing policy was last approved on February 18,2014. In 2014,the HRA and the City Council established a separate Housing TIF policy formalizing a tool to assist in the development of housing projects that satisfy city goals and require assistance.The Housing TIF policy is a separate policy to the policy employed for economic development where factors such 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 under review. Both the EDA and the HRA had an opportunity to review the policy and opted to remove the project scoring worksheet and create a more generic policy that is guided by the recommendations in the Housing Study completed by Maxfield Research in 2015. Staff is looking for direction from the HRA, EDA and City Council to replace the existing policy with the newly drafted policy providing more flexibility to TIF related projects. Financial Impact None Attachments • Housing TIF Policy and Application (April 6, 2015) • TIF Policy and Application (February,2014) • Executive Summary—Maxfield Housing Study (December, 2015) • DRAFT TIF Policy The Elk River Vision A welcoming community with revolutionary and.spirited resourcefulness, exceptional [01EBEI t r service, and community engagement that encourages and inrpirerprosperity NATURE