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Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 7.1 <br />Agenda Section Meeting Date Prepared by <br />Public Hearing May 3, 2021 Colleen Eddy, Economic Development Specialist <br />Item Description Reviewed by <br />Tax Increment Financing District No. 27 Cal Portner, City Administrator <br />Reviewed by <br />Zack Carlton, Planning Manager <br /> <br />Action Requested <br />Continue public hearing to hear comments regarding the proposed establishment of Tax Increment Financing <br />District No. 27, Riverwalk Apartments Project. <br /> <br />Background/Discussion <br />Staff was directed at the March 1, 2021, Work Session to obtain a third-party appraisal, in accordance with the city <br />policy, of the property located at 17354 Zane Street, Elk River, as well as financial documents. <br /> <br />The public hearing was advertised for April 19, 2021. The hearing was open and continued to May 3, 2021. <br /> <br />The city’s financial consultant received a verbal appraisal estimating the property value at $1.9 million less <br />demolition costs for a value of $1.75 million. This is consistent with appraisal submitted with the original TIF <br />application. <br /> <br />The applicant is seeking a 20-year TIF which exceeds the city policy of 15-year TIF for housing. The Council <br />should consider the implications of deviating from our policy standards prior to acting on the request. <br /> <br />The city’s financial consultant will provide an overview of the financing and project timeline. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />The City of Elk River shall utilize TIF to encourage desirable development or redevelopment that would not <br />otherwise occur but for TIF. <br /> <br />Attachments <br /> N/A <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />