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�J <br /> etyof <br /> ElkRequest for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority =8.2 <br /> Agenda Section Meeting Date Prepared by <br /> Work Session December 6, 2021 Brent O'Neil, Economic Development Director <br /> Item Description Reviewed by <br /> Tax Increment Financing—Jackson Hills II Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Item presented for information and discussion purposes. <br /> Background/Discussion <br /> The city received an application for Tax Increment Financing (TIF) to support the development of Jackson <br /> Hills II, a 44-unit apartment building on Jackson Ave. The application was presented to the Joint Finance <br /> Committee UFC) at its November meeting,which recommended advancing the request to the HRA. The JFC <br /> supported utilizing TIF up to $850,000 to cover the remediation of unbuildable soils. <br /> This work session is to discuss the application with the HRA ahead of finalizing the TIF plan and agreements, <br /> which will be presented to the HRA and City Council for consideration in January. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> The HRA is the recommending body to the City Council on the consideration of Housing TIF Districts. <br /> Attachments <br /> ■ Handouts to be distributed at the meeting <br /> The Elk River Vision <br /> A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r <br /> service, and community engagement that encourages and inspires prosperity ,g /` UR <br />