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• Residential development and redevelopment may be eligible fox <br />Tax Abatement under a separate set of policies and only with the <br />recommendation of the HRA. <br />c. The developer shall demonstrate that the project is not financially feasible <br />but for the use of Tax Abatement. Evaluation of the project's financial <br />feasibility without Tax Abatement shall be provided by the City's financial <br />advisor on all requests of over $25,000 total public investment. <br />d. The City will consider the use of Tax Abatement assistance fox projects that <br />may not meet the but forand job creation criteria, but rather would be <br />considered as a "location incentive". These projects may result in other <br />public benefits such as a significant tax base increase, the creation of higher <br />paying jobs (at least twice the minimum hourly rate stated in the City's <br />Business Subsidy Policy), and is likely to assist in the marketing and attraction <br />of additional desired developments. <br />e. The project shall comply with all provisions set forth in the Tax Abatement <br />Law, State Statues 469.1812 to 469.1815, as amended. <br />f. The project must be consistent with the City's Comprehensive Plan, Land <br />Use Plan, and Zoning Ordinances. <br />g. The project shall serve at least two of the following public purposes: <br />• Job creation ox job retention. <br />• Significantly increase the tax base. <br />• Enhancement ox diversification of the city's economic base. <br />• Development or redevelopment that will spur additional private <br />investment in the area. <br />• Fulfillment of defined city objectives, such as those identified in the <br />Economic Development Strategic Plan or the City's Comprehensive <br />Plan, among others. <br />• Removal of blight or the rehabilitation of a high profile ox priority site. <br />VI. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br />All developers/businesses receiving Tax Abatement assistance from the City of Elk <br />River shall be subject to the provisions and requirements set forth by the City's <br />Business Subsidy Policy as amended and attached, and State Statute 116J.993. <br />VII. APPLICATION PROCESS FOR TAX ABATEMENT <br />A. CITY OF ELK RIVER <br />Applicant submits the completed application along with anon- <br />xeftmdable $5,000 application deposit. The application deposit will <br />be used toward the cost of services provided in the evaluation of <br />financial feasibility and preparation of legal documents and <br />agreements. Projects that demand professional services in excess of <br />City of Elk Rlvex <br />"1'as .^16atement Policy <br />1"Draft Amended March 2006 _ 6_ <br />