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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Consent May 15,2006 <br /> <br />Item Number <br />3.9.C. <br /> <br />Prepared by <br />Catherine Mehelich, Director of /J <br />Economic Develo ment ty <br />Reviewed by <br />Scott Clark, Community Development <br />Director <br /> <br />Item Description <br />Consider Adoption of Amended Tax Increment Financing <br />Polic <br /> <br />Introduction <br />The City of Elk River adopted its original Tax Increment Financing Policy in August 1991. The policy <br />was amended in March of 2000 to include provisions of the MN Business Subsidy Law and the City's <br />Business Subsidy Criteria. <br /> <br />Discussion <br />The attached policy includes the amendments noted in the April 1 0, 2006 staff report and discussion at <br />the EDA meeting. <br /> <br />Financial Impact <br />None <br /> <br />Attachments <br />. City of Elk River Tax Increment Financing Policy & Application, Amended May 2006 <br />. Staff report to the EDA dated April 1 0, 2006 <br /> <br />Action Requested <br />The EDA recendy reviewed and adopted the attached amended Tax Increment Financing Policy. Staff <br />requests the City Council consider adoption of the amended Tax Increment Financing Policy. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />S:\EDA \ TIF\pOLICY & APPLICATION\5.15.06 COUNCIL.TIF.doc <br />