6.0. EDSR 04-10-2006 - Laserfiche WebLink

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III. PUBLIC PURPOSE OBJECTIVES OF BUSINESS SUBSIDIES In accordance with the iVN Business Subsidy Law, the City will consider using business subsidies to assist private development projects to achieve one or more of the following public purpose objectives: • To retain local jobs and/ox increase the number and diversity of jobs that offer stable employment and/ox attractive wages and benefits. • To enhance and diversify the City of Elk River's tax base. • To encourage additional unsubsidized private development in the area, either directly or indirectly through "spin off' development. • To achieve development on sites which would not be developed without business subsidies assistance. • To remove blight and/ox encourage development of commercial and industrial areas in the city that result in higher quality development ox redevelopment and private investment. • To offset increased costs of development of specific properties when the unique physical characteristics of the site may otherwise preclude private investment. • '1"o create opportunities for the constmction, operation and maintenance of affordable housing. IV. GENERAL POLICIES FOR THE USE OF BUSINESS SUBSIDIES A. Business subsidy assistance will be provided from the City, tl.;.~a "pay-as-you-go" Deleted: ~ note method, to the developer if the business subsidy is tax increment financing ox tax abatement. Requests fox up front financing will be considered on a case-by-case basis. B. A developer requesting business subsidy assistance must demonstrate, to the satisfaction of the City, sufficient cash equity investment in the project as required within the City's policy fox the particular form of subsidy. C. Business subsidy xy i t 3nc.e will not be provided in circumstances where land aac~/ox Deleted: pxoperry price is demonstrated by the County Assessor to be in excess of fair market value. This would normally be where the acquisition price is more than 10% in excess of market value. D. A developer must be able to demonstrate to the City, or, if applicable, to the underwriting authority, amarket-demand fox a proposed project. E. Business subsidy assistance wdl not be used in cases where the subsidy would create an unfair and significant competitive financial advantage over other similar projects in the area. F. Business subsidy assistance. will not be used for projects that would place extraordinary demands on city infrastructure and services. City of f?Ik River Business Subsidies Policy t" Draft Amended April 2006