Laserfiche WebLink
k. The developer shall adequately demonstrate, to the City's sole satisfaction, an <br />ability to complete the proposed project based on past development <br />experience, general reputation, and credit history, among other factors, <br />including the size and scope of the proposed project. <br />Fox the purposes of underwriting the proposal, the developer shall provide <br />any requested market, financial, environmental, ox other data requested by <br />the City ox its consultants. <br />m. All TIF proposals shall optimize the private development potential of a site. <br />IV. PROJECT QUALIFICATIONS <br />All TIF projects considered by the City of Elk River must meet each of the following <br />requirements: <br />a. To be eligible far TIF, a project shall result in: <br />i. The new construction of a minimum of 25,000 square feet; <br />ii. A minitntxm increase of $37,500 per year, excluding the state portion <br />in property taxes; and, <br />iii. Have a market value of at least $1,250,000 upon completion. <br />b. The project shall meet at least one of the objectives set forth in Section II <br />and satisfy all the provisions set forth in Section III of this document. <br />c. The developer shall demonstrate that the project is not financially feasible <br />but for the use of TIF. <br />d. The project shall comply with all provisions set forth in the Tax Increment <br />Financing Act, Minnesota Statutes 469.124 to 469.134, inclusive, as amended, <br />and Statutes 469.174 to 469.1799, inclusive, as amended. <br />e. The project must be consistent with the Ciry's Comprehensive Plan, Land <br />Use Plan, and Zoning Ordinances. <br />£ The project shall serve at least two of the following public purposes: <br />• Creation of jobs with livable wages and benefits. <br />• Significantly increase the City's tax base. <br />• Enhancement or diversification of the city's economic base. <br />• Industrial development that will spur additional private investment in <br />the area. <br />• Fulfillment of defined city objectives such as those identified in the <br />City's Comprehensive Plan and the City's Economic Development <br />Strategic Plan, among others. <br />• Removal of blight ox the rehabilitation of a high profile ox priority <br />site. <br />City of Elk River <br />Tax Increment Policy & Application <br />1" Draft Modi&ed Apri12006 <br />Page 5 of 14 <br />