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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 8.1 <br />Agenda Section Meeting Date Prepared by <br />General Business May 17, 2021 Colleen Eddy, Economic Development Specialist <br />Item Description Reviewed by <br />Stonewood Development LLC TIF Assistance Cal Portner, City Administrator <br />Agreement <br />Reviewed by <br /> <br /> <br />Action Requested <br />Adopt, by motion, a resolution approving and authorizing the execution of a Tax Increment Financing (TIF) <br />Assistance Agreement and related documents for Delta Apartments Project. <br /> <br />Background/Discussion <br />The Delta Apartments Project is proposed as two 90-unit residential apartment buildings on the former Saxon <br />Auto site with underground parking. Phase 1 is expected to commence construction in 2021. The applicant intends <br />Phase 2 shortly thereafter but has indicated construction could start 2-3 years after Phase 1. <br /> <br />The establishment of Tax Increment Financing District No. 27 was approved at the May 3, 2021, City Council <br />meeting and the next step is for the City Council to approve the Tax Increment Assistance Agreement. <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 /> Resolution <br /> Tax Increment Assistance Agreement <br /> Financial Needs Analysis <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 />