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V. PROJECT QUALIFICATIONS <br /> <br />All TRF projects considered by the City of Elk River must meet each of the following <br />requirements: <br /> <br />a. The project shah meet at least one of the objectives set forth in Section III of <br /> this document. <br /> <br />The use of TRF will be limited to: <br /> Industrial development, expansion, redevelopment, or <br /> rehabilitation; or <br /> · Commercial redevelopment or rehabilitation; or <br /> · Office or research facilities that satisfy Business Park zoning <br /> requirements; <br /> · Residential development and redevelopment may be eligible for <br /> TRF under a separate set of policies and only with the <br /> recommendation of the HRA. <br /> · New commercial or retail development is not eligible for TRF. <br /> <br />c. The developer shah demonstrate that the project is not fmancially feasible <br /> b,/-for the use of TRF. <br /> <br />d. The project shah comply with all provisions set forth in the state's Tax <br /> Abatement Law, statues 469.1812 to 469.1815, as amended. <br /> <br />e. The project must be consistent with the City's Comprehensive Plan, Land <br /> Use Plan, and Zoning Ordinances. <br /> <br />The project shah serve at least two of the following public purposes: · Job creation. <br /> · Increase of tax base. <br /> · Enhancement or 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 /> · Strategic Plan for Economic Development or the city's <br /> Comprehensive Plan, among others. <br /> * Removal of blight or the rehabilitation of a high profile or priority site. <br /> <br />5 <br /> <br /> <br />