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experience, general reputation, and credit history, among other factors, <br />including the size and scope of the proposed project. <br />For the purposes of underwriting the proposal, the developer shall provide <br />any requested market, financial, envixonxnental, construction plans ox other <br />data requested by the City ox its consultants. <br />Tax Abatement proposals shall not be used to support speculative office <br />projects. Speculative projects axe defined as those projects which have pre- <br />leasing agreements ox letters of intent fox less than 50% of the available <br />space. <br />In addition, leasable office projects must meet the following guidelines: <br />1. Evidence of the 50% occupancy must be reported to the Director of <br />Economic Development six months following an issued Certificate of <br />Occupancy. <br />2. Of the occupants certified at the six month period, SO% of the jobs <br />must be considered "new" jobs to the City of Elk River, meaning jobs <br />not located in the City at any time prior to occupying space in the <br />project. <br />3. Business retention jobs will be considered on aone-fox-one match to <br />job creation only in cases where job loss is specific and demonstrable in <br />accordance with the MN Business Subsidy Law. Evidence may include <br />documentation that the company will have to close involuntarily, ox the <br />company has received an attractive offer to move to another state ox <br />community. <br />k. All Tax Abatement proposals shall optimize the private development <br />potential of a site. <br />V. PROJECT QUALIFICATIONS <br />All Tax Abatement projects considered by the City of Elk River must meet each of the <br />following xequixements~ <br />a. The project shall meet at least one of the objectives set forth in Section III of <br />this document. <br />b. The use of Tax Abatement will be limited to: <br />• Industrial development, expansion, redevelopment, ox <br />rehabilitation; ox <br />• Commercial redevelopment of rehabilitation; or <br />• Research and development facilities that satisfy Business Paxk <br />zoning requirements; ox <br />• Office facilities with a minimum new construction of 25,000 <br />square feet; ox <br />City of Elk River <br />Tax Abatement Policy <br />ls~ Dxafr Amended March 2006 <br />- 5- <br />