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�l • Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> Work Session November 6,2017 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> TIF Policy Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion,the Tax Increment Financing Policy. <br /> Background/Discussion <br /> The HRA reviewed the new Tax Increment Financing (TIF) policy at their October 2, 2017,meeting. The <br /> newly created policy is intended to replace the existing TIF Policy that was approved by the City Council <br /> in February of 2014 and the Housing TIF Policy that was approved in April of 2015. <br /> The new policy eliminates the minimum square footage requirement and minimum tax base requirement <br /> for projects.The new policy follows market demands as it relates to housing projects identified in the <br /> Maxfield Housing Study and is guided by both the Mississippi Connections Plan and Comprehensive <br /> Plan. <br /> The preferred method of TIF is pay-as-you-go (PAYGO),however upfront financing maybe considered <br /> on a case-by-case basis.The city has the authority to approve or deny projects,taking into consideration <br /> established policies,project criteria,and demand on city services in relation to the potential benefits from <br /> the project. <br /> Our financial consultant and attorney have reviewed the final version of the TIF policy.The EDA will <br /> review and make a recommendation to the City Council at their November 20,2017,meeting. <br /> Financial Impact <br /> None <br /> Attachments <br /> • 2017 TIF Policy <br /> The Elk River Vision <br /> A welcoming community with revolutionary and spirited resourcefulness, exceptional � � � E 9 E 1 1 r <br /> service, and community engagement that encourages and inspires prosperity �„i� <br /> 1\I <br />