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TAX INCREMENT FINANCING POLICY <br /> ELK RIVER, MINNESOTAe=7. <br /> SECTION I - COMPREHENSIVE PLAN <br /> All requests for Tax Increment Financing shall be consistent with the <br /> City's Comprehensive Land Use Plan and its components. Only those <br /> requests that are comprehensive in nature will he accepted. Fragwented <br /> projects that exclude adjacent parcels will not be encouraged. <br /> SECTION II - DEMONSTRATED NEED <br /> The request for Tax Increment Financing assistance must demonstrate <br /> that the proposed development or redevelopment would not reasonably be <br /> expected to occur solely through private investment within the reasonably <br /> foreseeable future and, therefore, the use of Tax Increment Financing is <br /> deemed necessary. <br /> SECTION III - QUALIFYING IMPROVEMENTS <br /> A request for Tax Increment Financing shall specify in detail the <br /> proposed uses of the Tax Increment Financing subsidy_ Qualifying <br /> improvements may include but are not limited to site acquisition, land write <br /> down costs, site preparation, soil correction,. demolition, relocation costs, <br /> interest reduction costs, or the construction of public infrastructure. <br /> SECTION IV - EXTRAORDINARY DEVELOPMENT STANDARDS <br /> • <br /> Preference shall only be given to those projects requesting Tax <br /> Increment Financing assistance which meet or exceed the City's development <br /> standards. These standards include building design, type of construction, <br /> and extraordinary landscaping. <br /> SECTION V- MAMMUM SUBSIDY <br /> All requests for Tax Increment Financing shall he subject to a subsidy <br /> cap. The subsidy shall be based on a percentage of the project's finished <br /> market value (for tax purposes) as determined by the County Assessor. <br /> Except for redevelopment projects which may require more assistance than <br /> other projects, the average Tax Increment subsidy shall not exceed 15% of the <br /> project's finished value. The following projects shall be eligible for Tax <br /> Increment Financing: <br /> Redevelopment <br /> hid u.strial/Man ufac Luring <br /> Service Compa.nies/High Technology <br /> Commercial • <br /> Housing <br /> Under extraordinary circumstances, the City Council reserves the <br /> right to adjust the average subsidy level. <br />