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<br />Request for Action <br /> <br /> <br />To Item Number <br />Economic Development Authority 8.1 <br />Agenda Section Meeting Date Prepared by <br />Work Session October 16, 2017 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Draft TIF Policy Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Review the new draft Tax Increment Financing Policy. <br /> <br />Background/Discussion <br />The Tax Increment Financing policy was last approved on February 18, 2014. <br /> <br />Staff initiated an EDA Finance Committee review of all financial policies in March 2016. The TIF policy <br />is the final policy under review. Both the EDA and the HRA had an opportunity to review the policy and <br />opted to remove the project scoring worksheet and create a more generic policy that is guided by the <br />recommendations in the Housing Study completed by Maxfield Research in 2015 and the EDA/HRA <br />Strategic Plan. <br /> <br />The HRA reviewed the new draft policy at their October 2, 2017, meeting, and by consensus approved of <br />the new policy with a few changes. The HRA recommended that the EDA also review the policy. <br /> <br />Staff is looking for direction from the EDA to replace the existing policy with the newly drafted policy <br />providing more flexibility to TIF related projects. <br /> <br />Financial Impact <br />None <br /> <br />Attachments <br /> Housing TIF Policy and Application (April 6, 2015) <br /> TIF Policy and Application (February 2014) <br /> Executive Summary – Maxfield Housing Study (December 2015) <br /> DRAFT TIF Policy <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />