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V. PROJECT QUALIFICATIONS <br /> <br />~11 TRF projects considered by the Ciw of Elk River ~must · ch of the follo~ving <br />requirements: <br /> <br /> a. The project shall meet at least one of the objectives set forth in Section III of <br /> this document. <br /> <br />b. The use of TRF ~vill be 1Lmited to: <br /> · Industrial development, expansion, redevelopment, or <br /> rehabilitation; or <br /> · Commercial redevelopment or rehabilit,qrion; or <br /> Office or research facilities that satisfy Business Park zoning ,/ <br /> requirements; <br /> <br /> - development redevelopment may eligible fo/ <br /> Residential <br /> and <br /> be <br /> TRF under a separate set of policies and only ~vith the // <br /> <br /> · New ~ or retail development is not eligible for TRF. <br /> <br />c. The developer shall de~a't~t~at the project is not fmanclally feasible <br /> autO'ar the use of TRF. <br /> <br />The project shall comply with all provisions set forth in the state's Tax <br />Abatement La,v, statues 469.1812 to 469.1815, as amended. <br /> <br />The project must be consistent ~vith the City's Comprehensive Plan, Land <br />Use Plan, and Zoning Ordinances. <br /> <br />The project shall serve at least txvo 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 ~vill spur additional private <br /> investment in the area. <br /> · Fulfi]lment 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 /> <br />